MALVERN, PA — The Institutes RiskStream Collaborative has launched RAPID X, a blockchain-based auto claims data exchange platform designed to allow insurance carriers to share accident information in near real time, the organization announced.
The platform enables insurers covering drivers involved in the same crash to transmit secure, permissioned claims data to one another within hours of a loss. RiskStream said the system is intended to reduce claim costs and speed customer response by addressing delays that can occur when carriers learn of injuries or complications days or weeks after an accident.
Leading U.S. auto insurers are participating as early implementation partners and have begun using the system in production, according to the announcement.
RAPID X is designed to accelerate time to first notice of loss by an average of seven days. By sharing information earlier in the claims process, insurers may reduce duplicate outreach, limit third-party vendor costs and shorten claim cycles, RiskStream said.
“This production launch represents the culmination of seven years of dedicated work by The Institutes and RiskStream Collaborative, and we’re proud to be first to successfully bring blockchain-based data exchange to life in insurance,” said Pat Schmid, president of RiskStream Collaborative. He added that early partners are demonstrating that competitors “can pioneer new ways of working together when it ultimately benefits customers and creates a more responsive claims environment.”
RiskStream said the platform uses a permissioned blockchain architecture to ensure that carriers receive information only about claims involving their own policyholders, while maintaining data security and privacy compliance.
The organization projects that broader adoption could generate millions of dollars in annual industry savings by expediting claim resolution and reducing administrative costs. RiskStream said participation by carriers representing 25% to 30% of the personal auto insurance market could accelerate network growth.
The organization said it is working with additional insurers to expand participation in the data-sharing network.
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