The Institute RiskBlock Alliance, Ernst And Young Partner For Blockchain Insurance Services
With the emerging opportunities that the blockchain technology has brought to many industries in the world in recent times, a lot of players in most of these corporate industries are finding ways to leverage on the opportunities that come with the blockchain technology to enhance the growth of their industries.
In the insurance industry, there has been a radical perspective to creating a new way of doing business by overhauling the normal way of transacting insurance activities in the past. The I-Chain platform has made a lot of progress in recent months and a lot of major industry players has come together to provide a way of further unlocking the potential of the blockchain technology for the development of the industry. It was this concerted effort that gave rise to ‘The Institutes RiskBlock Alliance’.
The RiskBlock like it is sometimes called already has a number of the major players in the insurance business and it is still wooing more big time industry players to unlock the potentials that blockchain has for the industry.
The RiskBlock since its launch in July 2017 has been able to attract major players for different roles. It announced Accenture on July 9, 2018 as the lead framework architect of the project. To further bolster the alliance, The Institute announced on August 20, 2018 that it has been able to bring global insurance firm, Ernst and Young (EY) into the consortium as the primary service provider for blockchain-specific cyber security and risk management guidance. This is indeed another major coup for the consortium.
EY is a respected firm globally, and the fact they have come into the consortium in such an active capacity would do a lot to give credence to what the consortium wishes to achieve. These are truly exciting time for the Institutes RiskBlock Alliance and a great sign for what the alliance wishes to achieve. After the partnership was announced, David Hollander who is the global insurance leader of EY said,
‘‘The institutes have been a long term knowledge and non-profit partner to the insurance and risk management industry. It makes sense that they are leveraging that strength of reputation and stability to help steer the industry into a new, uncertain and yet exciting future as an industry.”
He concluded by saying,
‘‘we are proud to be pioneers together and teaming to address industry issues’’.
The Institutes in the past has come out to say their goal is to create a platform through the blockchain technology that would serve insurance policyholders better by reducing cost of transactions, reducing fraud, improving the accuracy of customer data, among other things.
The Institutes RiskBlock Alliance has done a great job since its launch. To date, it has been able to attract over 30 major players in the insurance industry to join the consortium and there is a real hope that more big players would join the RiskBlock so as to further leverage on the opportunities that the blockchain technology presents for the whole industry.