By Lewis Nibbelin, Research Writer, Triple-I
Few industries handle data as sensitive or at as large a scale as the property/casualty insurance industry, estimated by S&P Global to now exceed $1 trillion in direct annual premiums in the U.S. Supporting a market this size hinges on protecting the data required to underwrite it, which has grown increasingly granular as risks intersect with new levels of complexity.
Much of this data, however, passes through a system of carriers, brokers, reinsurers, data providers, and other organizations, none of which can collectively track or validate what each party collects and reassesses along the way. Rising data granularity exacerbates these challenges, leaving legacy systems ill-equipped to store and share information needed to capture modern risk.
In addition to putting data privacy at risk, the current system creates data gaps and inconsistences that can impact underwriting accuracy and long-term insurance affordability, necessitating greater standards for data verification.
To help fill the gap, The Institutes RiskStream Collaborative – like Triple-I, an affiliate of The Institutes – recently partnered with enterprise software and technology company Hashgraph to establish a shared source for authenticating and distributing data among all stakeholder groups. Known as an “interoperable property risk and resilience portal,” the initiative aims to manage data in a private environment while anchoring properties to a public ledger, allowing third parties to track and provide data more accurately and efficiently.
Combining Hashgraph’s private infrastructure with its public Hedera network, the solution will tie each property to a unique “token,” or digital asset, that stakeholders can identify without revealing its associated risk data, which remains in the private layer. As such, no single party controls the source data, preserving data confidentiality and fair competition.
Initially, the partnership will focus on tokenizing commercial and residential properties, with plans to expand the portal for additional insurance lines and other parts of the insurance process such as the policy or claim record.
“The process of gathering and sharing data for insurance placement and underwriting today is tedious, highly manual, and inefficient,” said Pat Schmid, RiskStream president and Triple-I chief insurance officer, in a press release on the portal. “The vision is to tokenize risk assets to create a persistent, unique identifier that serves as a shared data foundation for the risk management and insurance industry. Property is the perfect place to start.”
Learn More:
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