Published 11 July 2018
IT services giant Accenture has joined the Institutes RiskBlock Alliance to serve as the lead framework architect in the consortium created for implementing blockchain technology across the risk management and insurance industry.
Accenture will take up the responsibility for creating a production-grade platform to develop and implement blockchain and distributed-ledger use cases.
The company said that the platform will help the RiskBlock Alliance to implement and evaluate multiple use cases by the year end.
Accenture will also be responsible for maintaining and updating the platform as the business requirements and technologies of RiskBlock members grow. The consortium has seen over 30 global insurers and brokers joining it in the last 12 months.
RiskBlock, through its blockchain-based applications and tools, aims to better serve policyholders and cut down industry and consumer costs by optimizing payments, reducing fraud and making the accuracy of customer data better.
Accenture’s Michael Costonis, who leads the company’s Insurance practice globally, 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 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.”
RiskBlock Alliance has marked over 40 uses cases and is set to implement and test some of the blockchain solutions offered by Accenture. Included in these is a data-sharing process, a “proof of insurance” application, a subrogation tool and a parametric insurance application.
RiskBlock Alliance president Christopher McDaniel said: “Accenture has established itself as a leader in developing practical blockchain solutions across a number of industries.
“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.”
Image: An Accenture office in Pyrmont, New South Wales, Australia. Photo: courtesy of Maksym Kozlenko/Commons.wikimedia.org.