Challenge Accepted: The Institutes RiskStream Collaborative Hosts Event to Promote Distributed Ledger Use Cases in Insurance

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MALVERN, PA — The Institutes RiskStream™ Collaborative, the largest enterprise-level blockchain consortium in the risk management and insurance sector, hosted its second annual Meetup & Modules event on April 1.

The event included both members-only and public sessions, culminating with the Excite Challenge, supported by RiskStream Labs. TrustLayer, an automated insurance verification program, received top honors after presenting along with three other semifinalists.

“The RiskStream Collaborative’s second annual Meetups & Modules once again encouraged knowledge sharing through conversations with board members, collaborative partners, and other industry participants, this time in a virtual format” said Christopher McDaniel, president, RiskStream Collaborative. “The Excite Challenge competition showcased the power of the consortium and set the tone for The Institutes Future of Risk event that followed.”

Each Excite Challenge finalist—Blocksure, Hedera Hashgraph, Tinubu Square, and TrustLayer—presented a 12-minute case to an open panel of virtual conference attendees, who ultimately selected the winner via an online vote.

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“From its inception, we have recognized the limitless potential of blockchain technology to transform our industry and RiskStream Labs, and today’s Excite Challenge further underscored that effort,” says Patrick Schmid, vice president of RiskStream Collaborative. “Our finalists offered practical ways in which distributed ledger technology could be leveraged for the benefit of our members and the insurance industry as a whole. TrustLayer stood out specifically for its built-in ability to extend relationships with existing customers and inherent design characteristics that could help drive industry adoption.”

TrustLayer brings innovative use cases to the mainstream to reduce burdensome tasks. Its platform enables companies to automate the verification of insurance, licenses, and compliance documents of their business partners—including vendors, subcontractors, suppliers, borrowers, and tenants—in an effort to reduce errors and uncertainty from paper-based workflows, as well as eliminate delays in policy cancellation/termination notifications.

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In addition to partnering with the insurance industry, TrustLayer is also working with some of the largest online marketplaces in the world, including home- and ride-sharing, to develop a secure application that can be used across industries and sectors.

“The Excite Challenge presented a unique opportunity to come together with leading industry developers and share knowledge that will advance blockchain applications in the risk and insurance industry. Each presenter exhibited the type of critical thinking that will no doubt shape the future,” says John Fohr, cofounder of TrustLayer. “TrustLayer is honored to be selected as the winner, and we look forward to continued collaboration with the RiskStream Collaborative to bring to life the technology and applications that will make strategic, meaningful shifts in risk and insurance.”

RiskStream Labs serves as a resource for the RiskStream Collaborative’s member and nonmember organizations and is dedicated to quickly vetting and advancing blockchain initiatives, specifically at the proof-of-concept phase. The Excite Challenge was an ideation effort that aimed to broadcast new innovative concepts to the industry.

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