The Institutes, a risk and insurance knowledge group, has announced the formation a blockchain consortium for the risk management and insurance industry.
Called The Institutes RiskBlock Alliance, the consortium is the result of The Institutes’ efforts to facilitate collaboration across more than 30 organizations representing various segments of this industry. It will advance development of industry-specific blockchain use cases covering areas such as proof of insurance, subrogation, data sharing and risk registries, and parametric insurance.
The alliance will bring together risk management and insurance industry experts and blockchain developers to research, develop, and test blockchain applications for industry-specific use cases. The Institutes said that it is well-positioned to facilitate the consortium on behalf of the industry and already has significant support for the consortium, which includes collaborating with Deloitte Consulting.
The Institutes said that blockchain technology holds significant potential for the risk management and insurance industry, allowing insurers to better serve policyholders and reduce costs by streamlining payments of premiums and claims, reducing fraud through a centralized recording of claims, and improving acquisition of new policyholders by validating accuracy of customer data.
“The risk management and insurance industry is faced with an increasingly fast moving, innovative and data-driven environment,” said Peter L. Miller, CPCU, president and CEO of The Institutes. “Insurers have varying levels of knowledge about blockchain, and the key to making this technology work in our industry is ensuring that members work together. This is why The Institutes have formed the consortium.”
In addition to leading the consortium, The Institutes said that it will continue to focus on educating the industry about the blockchain. It has also become a founding member of the newly formed Enterprise Ethereum Alliance.
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