Arbol and The Institutes RiskStream Collaborative Form Strategic Partnership

Global climate risk coverage platform Arbol, and The Institutes RiskStream Collaborative, the insurance industry’s largest blockchain consortium, have announced a strategic partnership to transform parametric insurance.

According to the announcement, the collaboration aims to leverage blockchain technology to streamline data flow, increase transparency, and enable rapid payouts in parametric insurance and reinsurance programs, addressing the challenges in managing seasonal and catastrophic climate risks, such as major storms and hurricanes.

Arbol will be integrated into RiskStream’s network of industry leaders dedicated to unlocking the potential of blockchain in risk management and insurance.

The consortium actively explores insurance-specific blockchain and distributed ledger technology (DLT) applications to reduce operating costs, enhance systems, and improve customer experiences across the $1 trillion insurance industry.