Piprate Announces Successful Blockchain POC
Piprate, a blockchain-based data exchange platform for the insurance industry, has successfully completed its first commercial Proof of Concept (POC), providing secure exposure management and exchange capability to RenaissanceRe and TigerRisk Partners.
The focus of the POC was the provision of a means for secure, bi-directional exposure data transfer between members of the client consortium. Key to the project was limiting data access to those involved in a sharing transaction and creating an immutable chain of provenance for all shared data.
“Piprate aims to provide the re/ insurance industry with the most comprehensive data platform, helping brokers, carriers, reinsurers and other market participants to directly interact with each other in a secure and trusted way.” – Piprate founder and CEO, Stan Nazarenko.
“This initial proof of concept demonstrated Piprate’s ability to deliver secure bi-directional exposure exchange with provenance tracking – an essential foundation for an industry exposure exchange and management ecosystem aimed at significantly improving data security and operational efficiency” – Group Chief Risk Officer and Senior Vice President at RenaissanceRe, Ian Branagan.
“We are constantly looking for ways to leverage emerging technologies to be more nimble and offer our partners greater transparency, trust and confidence in doing business with us. The Piprate platform stands out for its ability to apply cutting edge technologies to a very real business problem, while simultaneously offering enterprise-grade capabilities that the re/ insurance industries demand.” – CTO of TigerRisk, Tom Daly.
Having completed the POC with RenaissanceRe and TigerRisk, Piprate will continue to develop the platform. Key focus areas include further exploration of integration with third-party analytics providers and the platform’s proprietary knowledge graph.