Arbol, Institutes RiskStream Form Partnership
The Institutes RiskStream Collaborative, the insurance industry’s largest blockchain consortium, and global climate risk coverage platform Arbol have announced a strategic partnership to transform parametric insurance.
The collaboration, according to the announcement, will use blockchain technology to streamline data flow, increase transparency, and enable rapid payouts in parametric insurance and reinsurance programmes, addressing the challenges of managing seasonal and catastrophic climate risks such as major storms and hurricanes.
Arbol will be part of RiskStream’s network of industry leaders committed to maximising the potential of blockchain in risk management and insurance.
The consortium is actively investigating insurance-specific blockchain and distributed ledger technology (DLT) applications in order to reduce operating costs, improve systems, and improve customer experiences across the $1 trillion insurance industry.
(With inputs from Shikha Singh)
You need to login in order to Like
