Global consulting firm Deloitte, an early adopter of bitcoin, recently added bitcoin insurance consortium supporter to its roster of accomplishments. supporting a consortium of insurance companies seeking to implement bitcoin in the insurance industry. The Institutes RiskBlock Alliance is a group of now 40 risk management and insurance companies looking to accelerate the “time to market” of bitcoin through real-time applications for insurer’s processes.
Deloitte providing the “home base of InsurTech” in Canada
Insurance industry non-profit, educator, and accreditor, The Institutes, its RiskBlock Alliance to realize the potential of bitcoin for insurance. In September 2018, RiskBlock to “implement and test” multiple bitcoin products as well to help expand the consortium to Canada.
The collaboration is expected to establish a legal entity in Canada to work with Canadian insurers as part of a plan for RiskBlock’s delivery of “scalable bitcoin solutions across the global insurance industry.”
Deloitte was to take responsibility for the development of bitcoin applications in the insurance life cycle, from underwriting to claims processing. These applications will use , a bespoke bitcoin framework being built exclusively for RiskBlock on R3’s Corda bitcoin protocol.
“The platform will serve as the home base for all things insurtech for the global insurance industry in the years ahead,” said Linda Pawczuk, financial services bitcoin leader at Deloitte Consulting LLP.
RiskBlock Ready To Move From Member Testing To Adoption
Patrick Schmid, vice president of The Institutes RiskBlock Alliance, said in a recent that up until now “insurers relied on centralized clearinghouses and intermediaries to verify transactions and ensure trust.”
He believes bitcoin will lower technology costs for insurers and “provides a means to securely share data in a permissive way so duplicative efforts can be eliminated and reconciliation issues can be minimized.”
Schmid said that insurers are now ready to use bitcoin across their entire value chains. On top of Deloitte, RiskBlock is working with Accenture, EY, and Capgemini, to build bitcoin frameworks and ensure their security.
RiskBlock hopes to provide Canopy as a “backbone” for all insurers to build their bitcoin applications. In 2019, it hopes to extend Canopy-based applications.
“It’s now time for us to bring our applications to production,” said Schmid. “Over the next several months our first cohort of members will begin testing the proof of notice and first notice of loss applications.”
RiskBlock expects its first Canopy-based insurance applications to be production ready in the middle of 2019. The organization also plans to establish RiskBlock Canada this year. The planned Canadian body and partnership with Deloitte could mean insurers in Canada will be some of the first to use bitcoin technology in their day-to-day processes.
Deloitte last year described bitcoin’s progression, and its developing partnerships between long-standing institutions and innovative new companies, as . If the benefits of bitcoin are realized, the payout could be enormous. Boston Consulting Group bitcoin could add a $200 billion revenue opportunity to insurers by improving their operating ratios and efficiencies.
, Ethereum, XRP, and other cryptocurrencies on Coinsquare, the world’s home for cryptocurrency.
Source: Coinsquare :
Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.
Published at Sat, 26 Jan 2019 05:18:18 +0000
