Eighteen new members have joined RiskBlock Alliance, the blockchain consortium for the risk management and insurance industry that was formed by US-based risk and insurance education provider The Institutes in July 2017.
The members include insurers, brokerages and reinsurers, many of which are global enterprises:
- American Agricultural Insurance Company
- American Family Insurance
- Erie Insurance
- Farmers Insurance
- The Hanover Insurance Group
- Horace Mann Educators Corporation
- Liberty Mutual Insurance
- Munich Reinsurance America, Inc.
- Nationwide Insurance
- Ohio Mutual Insurance Group
- Penn National Insurance
- State Automobile Mutual Insurance Company
- United Educators
The RiskBlock Alliance seeks to leverage the blockchain to lower industry transaction costs while increasing the speed and security of data transfers among customers, industry stakeholders, and third parties.
Upon its inception, the Alliance began developing multiple blockchain use cases within a scalable enterprise-level architecture. The first use case, a tool designed to establish proof of insurance, was delivered in partnership with Nationwide in December 2017. Members are currently evaluating this tool for wider roll out and have since finalised requirements for additional existing use cases focused on first notice of loss, subrogation and parametric insurance. The Alliance plans to bring each to some form of production in early 2018.
Other operational areas primed for blockchain disruption include claims processing, negotiation and settlement, investigation, and regulatory reporting.
“We’ve been tracking the potential of blockchain technology for years, so it’s incredibly exciting to announce our first wave of members,” says RiskBlock Alliance Executive Director Christopher McDaniel. “With the support of this broad range of industry partners, the RiskBlock Alliance will shepherd collaborative blockchain advancement in the insurance and risk management field, which will have a widespread impact on our industry and consumers alike.”
Besides the RiskBlock Alliance, other insurance blockchain consortia include B3i (Europe-based) and an EY/Guardtime-led marine insurance blockchain platform, which are all developing proof of concepts.