RenaissanceRe and TigerRisk Partners have successfully completed a commercial Proof of Concept (POC) with Piprate, a blockchain-based data exchange platform for the insurance industry.
Piprate said that its blockchain technology and proprietary data model allow data to be shared in a more secure and efficient way than established solutions, with transparency built in from the ground up.
The focus of the POC was the provision of a means for secure, bi-directional exposure data transfer between members of the client consortium.
The project also aimed to limit data access to those involved in a sharing transaction and to create an immutable chain of provenance for all shared data.
“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,” said Ian Branagan, Group Chief Risk Officer and Senior Vice President at RenaissanceRe.
Tom Daly, Chief Technology Officer (CTO) of TigerRisk, also commented: “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.”
Stan Nazarenko, Founder and Chief Executive Officer (CEO) of Piprate further stated: “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.
“Our successful POC with RenaissanceRe and TigerRisk both validates our approach and has also provided valuable insights to help us continue to evolve the platform.”
Having completed the POC with RenaissanceRe and TigerRisk, Piprate will continue to develop its platform, focusing on further exploration of integration with third party analytics providers and the platform’s proprietary knowledge graph.
“Working with leading re/insurance innovators like RenaissanceRe and TigerRisk has been an invaluable opportunity,” continued Nazarenko. “We look forward to building on these and other industry relationships as the platform continues to evolve and grow.”