RiskBlock Alliance, an insurance-focused distributed ledger technology (DLT) consortium, has employed the services of Deloitte, a globally recognized professional services organization, to help take its cutting-edge blockchain solutions development to the next level. The partnership looks to fuel its expansion plans to crypto-friendly Canada, according to a news release by RiskBlock on September 25, 2018.
RiskBlock Alliance, a blockchain consortium made up of 31 risk management and insurance firms, is looking to advance its DLT application and product development effort. It has chosen Deloitte to help test and implement these blockchain products before they’re launched later this year.
RiskBlock Alliance has also made it clear it’s taking its operations to various parts of the globe starting with the establishment of a legal entity in Canada in the coming months. Once fully live in Canada, RiskBlock will work with the nation’s property-casualty and life/annuity insurers.
Deloitte will help facilitate the global expansion by taking care of the methodology, prioritization, and development of insurance-focused blockchain solutions for RiskBlock member firms.
Per the team, the DLT solutions will be delivered via Canopy, an end-to-end reusable blockchain framework powered by the R3 Corda platform and explicitly designed for RiskBlock Alliance.
The alliance’s blockchain solutions will be tailored to handle major processes in the insurance transaction life cycle, from underwriting to claims processing. RiskBlock claims the applications will harness the promise of blockchain technology to reduce transaction costs and significantly increase efficiency for users.
Blockchain Solution’ to Revolutionize Insurance
As earlier reported by BTCManager on August 24, 2018, European insurance firms are ahead of their U.S. counterparts regarding blockchain adoption. However, RiskBlock is now looking to turn the game on its head.
Linda Pawczuk, a principal and the financial services blockchain leader at Deloitte Consulting LLP, said that RiskBlock’s blockchaininitiatives align with those of Deloitte. She further noted that the native DLT solution has all it takes to disrupt the global insurance technology ecosystem. Pawczuk added:
“At Deloitte, we have 1,500 blockchain practitioners in 33 countries across 23 industries dedicated to discovering how distributed ledger technology can improve different areas of the economy.”
While Deloitte claims to have the most comprehensive DLT force compared to other professional services firms, it’s worth noting that other players are also looking to board the blockchain bandwagon. On September 1, 2018, BTCManager informed that PwC had announced a move to train 1,000 on blockchain and other digital technologies.