Institute’s RiskStream Collaborative® builds on the success of its surety assessment laboratory to open second surety laboratory

MALVERN, Pennsylvania (PRWEB) August 12, 2021

Institutes RiskStream Collaborative®, the largest enterprise-level blockchain consortium in the risk management and insurance industry, announced plans to advance its international efforts on the Surety Bonds Power of Attorney use case and to open a new laboratory for the Surety industry. The new laboratory for signing and verifying bonds will start in autumn 2021, while a proof-of-concept for the existing laboratory for verifying powers of attorney for guarantees is being pushed ahead.

“The surety industry is known for the verification of data by multiple parties and the exchange between client, creditor and surety. Blockchain technology offers a potential solution to some of the weaknesses in these multi-party workflows, ”said Patrick Schmid, Vice President of the RiskStream collaboration. “The Power of Attorney use case was the logical starting point and we’re excited to be moving it forward. We are also excited that it will lead to many more downstream use cases, including Bond Signature and Verification. “

Each working group will continue to be supported by RiskStream Labs, a blockchain innovation center that aims to accelerate innovation in various sectors. RiskStream’s Surety Initiative continues to be supported by international surety associations including The International Credit Insurance & Surety Association (ICISA), the Surety & Fidelity Association of America (SFAA), the National Association of Surety Bond Producers (NASBP), the Surety Association of Canada (SAC) and the Pan American Surety Association (PASA). In addition to involving various surety associations, RiskStream members (shippers, producers and reinsurers), non-members and other key industry players were all involved in the early parts of Surety Labs.

Although the work so far positions the guarantee power of attorney check use case to advance into a proof-of-concept phase, this is only the beginning for the guarantee industry. Activating bond signature and verification in real time is an important aspect of the overall solution, which significantly reduces time, costs and risk.

“The verification of bonds via blockchain is the real ‘end game’ that is of interest to everyone involved in the guarantee process worldwide,” said Greg Davenport, chairman of ICISA’s Surety Blockchain Working Group. “The speeding up of the bond verification phase through RiskStream also enables us to get creditors involved early on in the design talks as they are the ultimate beneficiaries of the global solution we are executing.”

The collaboration and participation in the Guarantees – Proxy Review Working Group seems to show that the industry is ready for change. We actively recruit and involve companies for both working groups. To participate or find out more, contact us [email protected].

“The global surety industry and RiskStream have teamed up to develop an innovative approach that streamlines the surety process. RiskStream is committed to empowering the surety industry and bringing motivated organizations together to build applications while using Canopy 3.0.” comments Bill Keogh, Non Executive Chair, RiskStream Collaborative. “Canopy 3.0 and its new capabilities in blockchain-based tools, technologies and services offer the insurance industry a lot of flexibility while reducing development complexity.”

Via the Institute RiskStream Collaborative®
Institutes RiskStream Collaborative® is the risk management and insurance industry’s first blockchain consortium bringing together experts and developers to drive insurance-specific use cases through Canopy, a custom blockchain architecture. The RiskStream Collaborative aims to empower organizations to work together to inspire product innovation, enable efficiency and open new technological frontiers.

About the institutes | Risk and Insurance Knowledge Group
The Institutes, the leading provider of risk management and insurance knowledge training and solutions, offer job titles including the CPCU® program. In addition, the institutes offer introductory, basic and leadership courses and programs; Online and continuing education courses; customized solutions; Events and conferences; Online and print news platforms; Assessment tools; and research reports.

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