Blockchain risk management consortium RiskBlock Alliance has confirmed that professional services company Accenture is to become the lead framework architect responsible for building its “production-grade platform” to develop and implement blockchain use cases.
Essentially, the platform will enable the development of new blockchain-based tools and products for both policyholders and insurers.
“Accenture has established itself as a leader in developing practical blockchain solutions across a number of industries,” said Christopher G. McDaniel, President of The Institutes RiskBlock Alliance.
“Partnering with Accenture to develop real-world blockchain applications will lead to better insurance solutions and chart a clear course for effectively implementing blockchain technology throughout the insurance industry.”
RiskBlock claim to have identified more than 40 ‘use cases’ ready to be implemented and tested.
These include a “proof of insurance” application that enables motor vehicle drivers and law enforcement to confirm insurance coverage accuracy in real-time without relying on paper forms, and a parametric insurance application that uses a weather oracle and smart contracts to automate the claims process.
Additionally, RiskBlock have plans to further develop and implement the subrogation tool it announced earlier this year.
“As insurers increasingly rely on partnerships to create business efficiencies and improve customer experiences, blockchain technology will be critical to holding partners accountable without first needing to establish trust,” said Michael Costonis, who leads Accenture’s Insurance practice globally.
“RiskBlock has built a powerful alliance, and we’re eager to work with them to develop scalable blockchain use cases in insurance. Blockchain has the power to simplify, secure and speed up the way the insurance industry works.”
