Twelve more companies have joined The Institutes RiskBlock Alliance, which is billed as the risk management and insurance industry’s first enterprise-level blockchain consortium.
The membership level is now at 30 companies.
New additions to the RiskBlock Alliance include insurers, brokerages and reinsurers serving customers in the United States and abroad. They are: Acuity Insurance, Amerisure Mutual Insurance Company, Assurant, BB&T Insurance Holdings Inc., D. Francis Murphy Insurance Agency Inc., EMC Insurance Companies, FHM Insurance Company, GEICO, State Farm, Travelers, TruNorth Companies and W.R. Berkley.
“Blockchain becomes exponentially more powerful as more organizations connect to it, and hitting this membership milestone brings us one step closer to the scale blockchain needs to transform the industry and greatly enhance consumers’ experience with insurance,” Christopher McDaniel, president of the RiskBlock Alliance, said in prepared remarks.
The RiskBlock Alliance is building blockchain options designed to lower industry transaction costs, improve the customer experience, and increase the speed and security of data transfers among customers, industry stakeholders and third parties.
The Institutes, a provider of risk management and insurance education and research, launched the not-for-profit consortium in 2017. The current members represent major companies in the property/casualty industry sector, according to the organization. Over time, in partnership with LIMRA, the RiskBlock Alliance will expand to the life, annuity and retirement sectors later this year.
RiskBlock Alliance members will test the consortium’s forthcoming blockchain-based applications, including a proof of insurance application, a first-notice-of-loss data-sharing process, a smart contract-enabled subrogation tool and a parametric insurance application. Members will also work together to identify, test and bring to market future blockchain applications that can better serve policyholders and reduce costs by streamlining payments, reducing fraud and improving timely access to relevant data.
Source: The Institutes RiskBlock Alliance