Expanding the Practical Use of Blockchain Technology Within Insurance

The Institutes RiskBlock™ Alliance is joining forces with Accenture in a move that will see both companies expand the use of blockchain technology within the insurance sector. Accenture joins the Alliance as the lead framework architect responsible for developing a “production-grade platform” to create and implement blockchain use cases.

The Institutes RiskBlock Alliance is a consortium of industry experts who seek to advance “insurance-specific use cases via RiskBlock’s interoperable blockchain architecture.” RiskBlock was created by The Institutes, a leading and trusted insurance knowledge group committed to developing the risk management and insurance industry.

Accenture is a professional services firm that helps clients improve performance and create sustainable value, while driving innovation that enhances the way the “world works and lives.”

As lead framework architect, Accenture will be responsible for conceptualizing, designing and developing the platform that will be used by the consortium to support and execute its industry-driven use cases. They will also provide support on an ongoing basis after development for maintaining the platform as the needs change and technologies evolve.

Accenture’s global insurance lead, Michael Costonis, told Bitcoin Magazine, “Accenture is building out the blockchain framework to allow for ease of use by RiskBlock’s membership and eventually for other stakeholders within the insurance ecosystem.”

He said, “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.”

RiskBlock plans to serve industry policyholders and save costs by “streamlining payments, reducing fraud and improving the accuracy of customer data” using applications and tools developed via its interoperable blockchain architecture.

Christopher G. McDaniel, president of The Institutes RiskBlock Alliance, said the consortium is committed to creating insurance solutions using blockchain technology.

“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,” McDaniel said.

Earlier this year, The Institutes RiskBlock Alliance developed a blockchain-based subrogation tool that improved efficiencies in the accounting and payment areas of claim processing.