MALVERN, Pa. (PRWEB) February 15, 2018 -- 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 Company
American Family Insurance
Chubb
Erie Insurance
Farmers Insurance
The Hanover Insurance Group
Horace Mann Educators Corporation
Liberty Mutual Insurance
Marsh
Munich Reinsurance America, Inc.
Nationwide Insurance
Ohio Mutual Insurance Group
Penn National Insurance
RCM&D
RenaissanceRe
State Automobile Mutual Insurance Company
United Educators
USAA
“We’ve been tracking the potential of blockchain technology for years, so it’s incredibly exciting to announce our first wave of members,” says RiskBlock Alliance Executive Director Christopher McDaniel. “With the support of this broad range of industry partners, the RiskBlock Alliance will shepherd collaborative blockchain advancement in the insurance and risk management field, which will have a widespread impact on our industry and consumers alike.”
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.
The RiskBlock Alliance held its semi-annual in-person working meeting in January 2018 in Malvern, PA, with broad representation and participation from nearly all members. Participants finalized requirements for additional existing use cases focused on first notice of loss, subrogation and parametric insurance. The RiskBlock Alliance plans to bring each to some form of production in early 2018. The members also brainstormed on new use cases, which will be prioritized and brought to production in late 2018.
Other operational areas primed for blockchain disruption include claims processing, negotiation and settlement, investigation, and regulatory reporting.
For more information about blockchain technology and to receive updates on The Institutes RiskBlock Alliance, visit TheInstitutes.org/Guide/RiskBlock.
About The Institutes | Risk and Insurance Knowledge Group
As the industry’s trusted and respected knowledge leader, The Institutes are committed to meeting the evolving professional development needs of the risk management and insurance industry. We prepare people to fulfill their professional and ethical responsibilities via innovative educational research, networking and career resources. Offerings include the Chartered Property Casualty Underwriter (CPCU®) designation program, associate designations, introductory and foundation programs, continuing education courses, leadership education, custom solutions and assessment tools.
About The Institutes RiskBlock™ Alliance
The Institutes RiskBlock Alliance is the risk management and insurance industry’s first enterprise-level blockchain consortium that brings together industry experts and developers to advance insurance-specific use cases via RiskBlock's interoperable blockchain architecture. RiskBlock is committed to equipping organizations to work together to inspire product innovation, enable efficiencies, and open new technological frontiers. TheInstitutes.org/guide/riskblock
CPCU is a registered trademark of The Institutes. All rights reserved.
Connie Hofmann, The Institutes, +1 (484) 831-9100 Ext: 7860, [email protected]
Share this article