The Institutes RiskStream Collaborative, the risk management and insurance industry’s largest enterprise-level blockchain consortium, has created a new entity, RiskStream Labs, Inc., the first-ever blockchain innovation hub designed to accelerate innovation across sectors within the insurance industry.
RiskStream Labs will serve as a resource for both member and nonmember organizations and will be dedicated to quickly vetting and advancing blockchain initiatives, specifically at the proof-of-concept phase. Headed by RiskStream Collaborative leaders Christopher G. McDaniel and Patrick Schmid, RiskStream Labs will work with insurance organizations globally, as well as the risk management departments of non-insurance organizations and governmental agencies that are looking to explore targeted blockchain applications specific to their needs.
In addition, RiskStream Labs will enable participants to concentrate on a variety of areas not currently in development by the RiskStream Collaborative, such as surety and workers compensation, as well such future-looking areas as IoT and analytics. Members can also use RiskStream Labs to create proofs of concept with the long-term goal of transferring concepts onto RiskStream Collaborative’s Canopy framework.
“Our industry continues to innovate across multiple sectors, with the collective goal of bringing new ideas to fruition and ultimately to production,” said Christopher McDaniel, president of The Institutes RiskStream Collaborative. “We’re excited to work with some of the smartest minds in our profession and provide a central point to collectively collaborate and advance the industry.”
The launch of RiskStream Labs comes after a series of progressive milestones, and it is the first innovation-based program offered by RiskStream Collaborative.
The Institutes RiskStream Collaborative
The Institutes RiskStream Collaborative™ is an unprecedented, industry-led consortium collaborating to unlock the potential of blockchain across the insurance industry. We are accelerating time to market and adoption through real-world applications and impactful blockchain use cases.