The Institutes Announces Formation of RiskBlock
The Institutes, the leading education provider for the risk management and property-casualty insurance industry, have announced the formation of RiskBlock, a blockchain consortium for the risk management and insurance industry.
The result of The Institutes’ efforts to facilitate collaboration across more than 30 organizations representing various segments of this industry, the consortium 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.
Continuing on the momentum developed over the last few months, The Institutes RiskBlock 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. In addition to leading the consortium, The Institutes will continue to focus on educating the industry about the blockchain.
Blockchain is a growing technology that has the power to simplify and secure the way transactions are processed. It 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
– 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.”
The Institutes, as a not-for-profit with over 100 years of experience providing unbiased education and research to the risk and insurance industry, are well-positioned to facilitate the consortium on behalf of the industry and already have significant support for the consortium, which includes collaborating with Deloitte Consulting.
For more information about blockchain technology and to receive updates on The Institutes RiskBlock Alliance, visit TheInstitutes.org/Blockchain.