StreamSettle Joins Guidewire Program to Accelerate Claims Settlement
StreamSettle has joined Guidewire's Insurtech Vanguards program. The initiative aims to bring StreamSettle's triple-blind settlement technology to P&C carriers, accelerating claims resolution and reducing associated costs.
StreamSettle, a provider of triple-blind settlement technology, has been accepted into Guidewire's Insurtech Vanguards program. This collaboration is expected to expedite claims settlement processes and lower litigation expenses for property and casualty (P&C) insurers.
The company's technology utilizes patent-pending encryption protocols to test for overlapping settlement thresholds between disputing parties without revealing individual figures. If an overlap is detected, a binding settlement is reached at the mathematical midpoint. If no overlap exists, no financial information is exchanged, and no negotiation leverage is lost.
Guidewire's Insurtech Vanguards program is designed to foster innovation within the P&C industry by connecting select startups and technology providers with Guidewire's customer base. The program offers strategic guidance and advocacy to participating companies.
StreamSettle was founded to address the issue of prolonged and costly litigation in claims settlement. According to the company, over half of the claims processed through its platform achieve immediate resolution, with 76% of these settlements occurring before litigation commences.