18 Risk Management and Insurance Companies Join The Institutes RiskBlock Alliance
The Institutes RiskBlock™ Alliance announced today that 18 companies have joined the risk management and insurance industry’s first enterprise-level blockchain consortium. The RiskBlock Alliance seeks to leverage the blockchain to lower industry transaction costs while increasing the speed and security of data transfers among customers, industry stakeholders, and third parties.
The Institutes, a leading provider of risk management and insurance education and research, launched the consortium in 2017. Initial members represent the property-casualty industry sector. In partnership with LIMRA, the RiskBlock Alliance will expand to the life, annuity and retirement sectors later this year.
Current RiskBlock Alliance members include insurers, brokerages and reinsurers serving customers in the United States and abroad, including:
- American Agricultural Insurance
- American Family
- Erie Insurance
- Horace Mann
- Liberty Mutual
- Munich Reinsurance America
- Ohio Mutual
- Penn National Insurance
- State Auto
- United Educators
Upon its inception, the RiskBlock Alliance began developing multiple blockchain use cases within a scalable enterprise-level architecture. The first use case, a tool designed to establish proof of insurance, was delivered in partnership with Nationwide in December 2017. RiskBlock Alliance members are currently evaluating this tool for wider roll out.
Other operational areas primed for blockchain disruption include claims processing, negotiation and settlement, investigation, and regulatory reporting.