- The Institutes RiskBlock Alliance has partnered with Deloitte to create blockchain-based tools for the insurance industry.
- Their first project will be an expansion in Canada.
- The two organizations have worked together since the Alliance’s creation in 2017.
Deloitte, a professional services organization has been chosen by The Institute RiskBlock Alliance to help them expand their blockchain services and expand into newer markets.
The Institute RiskBlock Alliance is a consortium that is home to over 31 risk management and insurance companies that are involved in the use of blockchain technology.
Deloitte will be responsible for developing and testing multiple products that the Institute will be bringing into the global market by the end of 2018.
One of its major projects will be an expansion into the Canadian market which will be the institute’s first expansion abroad and will also be Deloitte’s flagship project with them.
The Canadian Project
Deloitte’s first project for the institution in Canada will involve first establishing a legal entity within the country. After this is done, the Institute will then begin working with the Canada-based insurance businesses.
These will all be part of a deliberate effort to bring blockchain technology and tools into the wider insurance industry.
The part that Deloitte will play will be that of a developer and they will be responsible for the methodology, development, and testing of these products before they hit the market. The tools that will be developed will be made for various aspects of the insurance process, from applying for coverage, determining premiums and so on.
All products are made via the Canopy platform which is an end-to-end blockchain platform that is built on R3’s Corda platform and is prominently used within the insurance industry. The end goal is reducing the time, money and effort required on the part of policyholders.
RiskBlock and Deloitte
RiskBlock and Deloitte have a long relationship which started when the Institute was first established in 2017 and Deloitte has long sought to bring the benefits of blockchain to the wider industry.
“Deloitte has established itself as a leader in blockchain and distributed ledger technology and has strong global relationships with both blockchain and insurance organizations,” said Christopher G. McDaniel, president of The Institutes RiskBlock Alliance.
Deloitte has been commended by the industry for being one of the most efficient in the professional services industry.