MALVERN, Pa., Jan. 18, 2023 /PRNewswire/ — The Cincinnati Insurance Companies, Nationwide, and Securian Financial are the recipients of The Institutes RiskStream Collaborative™ 2022 Collaborator Award. The three recipients supported RiskStream’s Life & Annuities sector’s project on educational verification for product sales.
“Education verification during licensing and appointments for life insurance professionals is an important but cumbersome manual process. There are a variety of parties, including educational providers, agents, carriers, and distributors, all seeking to share and verify information,” said Major Bernhold, life marketing director, Cincinnati Insurance. “We are proud to work with RiskStream and other industry leaders to pave the way for an efficient, digital industrywide solution.”
Cincinnati Insurance, Nationwide, and Securian Financial provided collaborative leadership in working with RiskStream to design and develop a solution that can help verify educational requirements required prior to selling life & annuities products. These organizations worked with RiskStream’s product team and the broader industry to discuss all angles of the initial multiparty business process challenge, design a new industrywide workflow using Non-Fungible Tokens (NFTs) to back both courses and course completions and work with RiskStream’s development partner Kaleido to make that workflow come to life, using RiskStream’s Canopy platform, which synchronizes all network participants core systems of record.
“It’s an honor to be recognized again for our involvement with RiskStream Collaborative and other industry partners for our work developing new ways to handle multiparty business processes,” said Eric Henderson, president, Nationwide Annuity. “The use of NFTs to track educational courses and completion records in RiskStream’s network helps simplify data coming from various systems of record. We are excited to be on the leading edge of testing this technology and designing solutions to make the process of obtaining life and annuity products more efficient for the consumer.”
“We are very pleased to work with the industry through RiskStream’s network. It provides a means for insurance organizations to collaborate on industrywide problems that can’t be solved by one entity alone,” said Brian Oberman, director of engineering, Securian Financial. “Our collaboration on licensing, appointments and education provides a steppingstone to greater efficiencies in advisory services. We are very excited to see where this could lead”.
About The Institutes RiskStream Collaborative
The Institutes RiskStream Collaborative™ is the risk management and insurance industry’s first enterprise-level blockchain consortium that brings together experts and developers to advance insurance-specific use cases via Canopy, a custom blockchain architecture. The Institutes RiskStream Collaborative is committed to equipping organizations to work together to inspire product innovation, enable efficiencies, and open new technological frontiers.
About The Institutes
The Institutes are a global not-for-profit comprised of diverse affiliates that educate, elevate, and connect people in the essential disciplines of risk management and insurance. Through products and services offered by The Institutes’ nearly 20 affiliated business units, people and organizations are empowered to help those in need with a focus on understanding, predicting, and preventing losses to create a more resilient world.
SOURCE Insurance Information Institute