The Institutes RiskBlock™ Alliance, a blockchain consortium for the risk management and insurance industry, announced today that Accenture (NYSE: ACN) will serve as the lead framework architect responsible for building a production-grade platform to develop and implement blockchain and distributed-ledger use cases.
The platform will enable the RiskBlock Alliance to implement and test multiple use cases by the end of 2018.
“Accenture has established itself as a leader in developing practical blockchain solutions across a number of industries,” said Christopher G. McDaniel, president of The Institutes RiskBlock Alliance. “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.”
In collaboration with RiskBlock, Accenture is conceptualizing, designing and building the platform that will support the development and execution of the consortium’s industry-driven use cases. Accenture will maintain and update the platform as the business needs and technologies of RiskBlock members evolve. Accenture will also help RiskBlock develop and test its use cases, serving as one of several solution providers.
“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,” said Michael Costonis, who leads Accenture’s Insurance practice globally. “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.”
Through its blockchain-based applications and tools, RiskBlock seeks to better serve policyholders and reduce industry and consumer costs by streamlining payments, reducing fraud and improving the accuracy of customer data. RiskBlock has identified more than 40 uses cases and is ready to implement and test:
• a “first notice of loss” data-sharing process, produced by Accenture, to create a more streamlined experience for both consumers and business;
• a “proof of insurance” application that enables motor vehicle drivers and law enforcement to confirm insurance coverage accuracy in real-time, without relying on paper forms;
• a subrogation tool that uses blockchain-enabled smart-contract technology to facilitate the netting of consortium members’ payments, reducing manual processes and making the payment and accounting of claims processing more efficient; and
• a parametric insurance application that uses a weather oracle and smart contracts to automate the claims process.
More than 30 global insurers and brokers have joined the RiskBlock Alliance in the past 12 months.