IMA Financial Group, Inc. today announced it will join The Institutes RiskStream Collaborative®, a coalition of industry leaders unlocking the potential of blockchain in risk management and insurance.
The collective is developing insurance-specific use cases for blockchain and distributed ledger technology to reduce operating costs, improve systems and enhance the customer experience across the $1 trillion insurance industry. Driving IMA’s decision to join is the firm’s belief that brokers should have a voice in shaping how blockchain technology will be used to further the industry as the intermediary between insurance holders and carriers.
“The brokerage community needs to start gaining experience in blockchain technology if they want to navigate it responsibly for their clients,” said Garrett Droege, IMA Director of Innovation & Strategy. “Joining the RiskStream Collaborative offers IMA a compelling opportunity to influence how we put this powerful technology to good use.”
Membership in RiskStream positions IMA to influence the industry’s backbone infrastructure for the coming decades. It is also the company’s logical next step. Through its investment arm IMA Invest Inc., the company has invested millions in emerging insurtech companies and is actively pursuing an understanding of how blockchain can affect both the industry and client risk profiles.
Patrick Datz, Vice President of IMA Inc., understands the client benefits of the partnership. “The insurance industry is based on data sharing, yet we’ve been slow to adopt the technology that allows us to securely share and store that data. Through its testing, RiskStream is proving that the blockchain could quickly advance our processes and radically improve how we service clients.”
Bringing in companies like IMA aligns with the RiskStream Collaborative’s vision to expand its ecosystem. Bill Keogh, The Institutes RiskStream Collaborative Non-Executive Chair, weighed in on the budding partnership, stating, “IMA brings a highly valuable producer perspective along with deep subject matter expertise to the Surety Bonds Power of Attorney Verification Lab.”
About IMA Financial Group
Based in North America, IMA Financial Group Inc. is an integrated financial services company focused on protecting the assets of its widely varied client base through insurance and wealth management solutions. Because IMA is employee-owned, its 1,800-plus associates are empowered to provide customized solutions for their clients’ unique needs.