RiskStream Collaborative: Tomorrow’s FNOL Has Arrived

Claims are frequently cited as ‘the moment of truth,’ and FNOL (First Notice of Loss) is where all claims begin. Now, new technology through an innovative industry collaboration on a blockchain platform is being leveraged to enable FNOL data exchange between insurers -- and eventually other claim ecosystem partners.

RAPID X is the trade name for RiskStream’s First Notice of Loss Data Sharing application, which has been developed with and for the property and casualty insurance industry by the RiskStream Collaborative, an industry nonprofit affiliated with The Institutes.

Rapid X was introduced earlier this year, and the insurtech space has since lit up with numerous efforts to modernize the traditional process of reporting and starting an insurance claim.

The Institutes’ RiskStream Collaborative has a different approach, which focuses on creating an ecosystem within the risk management and insurance industry that leverages a scalable, enterprise-level blockchain/distributed ledger technology framework to streamline the flow and verification of data.

The effort lowers operating costs, drives efficiency from improved processes and enhances the customer experience.