RiskBlock Alliance Contracts Deloitte To Develop Insurance Blockchain Applications
RiskBlock Alliance has engaged the services of Deloitte as it looks to expand its operations into Canada. Under the terms of the agreement, the professional services company is to develop blockchain applications for the consortium.
The U.S-based consortium specializes on the utilization of blockchain technology in the insurance sector. It currently has a clientele base of more than 30 participant organizations. The consortium seeks to deliver real production applications to the insurance industry.
A partnership with Deloitte comes at a time when the consortium is engaged in an aggressive expansion drive. With the help of Deloitte, it should be able to build a virtual blockchain platform for use in real business needs. The blockchain platform up for development will also serve as a home for all matters insurance around the globe.
The blockchain applications that will come into being will address various aspects of insurance. Some of the areas that Deloitte is to target include transaction lifecycle and claims processing.The applications should also enhance efficiency while lowering transaction costs. The applications are to be provided via Canopy, the end to end industry blockchain framework.
RiskBlock Alliance chose Deloitte on the fact that it has made a name for itself when it comes to blockchain innovations. For starters, it boasts of a portfolio of 1,500 blockchain practitioners spread across 33 countries and 23 industries.
“Deloitte has established itself as a leader in blockchain and distributed ledger technology and has strong global relationships with both blockchain and insurance organizations. It’s for those reasons that Deloitte makes an ideal collaborator for us as we build blockchain applications for the insurance industry around the world. We are excited to see what we can accomplish together,” said Christopher G. McDaniel, president of The Institutes RiskBlock Alliance. “
Deloitte is to leverage its industry-leading capabilities to help RiskBlock implement and test the blockchain applications. Some of the apps include ‘proof of insurance’ app as well as a smart contracts powered subrogation tool. Built on smart contracts, the subrogation tool should help enhance processing of members payments as well as claims processing.
Expansion into Canada is part of the consortiums push to deliver scalable blockchain solutions across the insurance industry. Plans are already underway to register a legal entity in Canada. RiskBlock Alliance is also open to collaborating with other Canadian based property-casualty and life insurers.