Accenture to power RiskBlock’s insurance platform for blockchain
The Institutes RiskBlock Alliance says Accenture will serve as the lead framework architect responsible for building a platform to develop and implement blockchain and distributed ledger use cases.
Plan to implement and test multiple use cases by end of 2018
The platform will enable the alliance – a blockchain consortium for the risk management and insurance industry – 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,” says Christopher G. McDaniel, president of The Institutes RiskBlock Alliance.
In collaboration with RiskBlock, Accenture is conceptualising, designing and building the platform. Accenture will maintain and update it 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.
Through its blockchain-based applications and tools, RiskBlock says it 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.
One example includes a “first notice of loss” data-sharing process, produced by Accenture, to create a more streamlined experience for consumers and business.
Another is 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.
According to RiskBlock, more than 30 insurers and brokers have joined its alliance in the past 12 months.
Israel, Canada, Singapore
Accenture has been up to other stuff in the world of blockchain.
In May, the Tel Aviv Stock Exchange (TASE), Accenture and innovation centre The Floor said they plan to unveil a new blockchain securities lending platform powered by Intel.
Also in May, Payments Canada, the Bank of Canada, TMX Group and Accenture demonstrated that the instantaneous clearing and settlement of securities on blockchain is “feasible”.
While back in November 2017, Accenture, the Monetary Authority of Singapore and the Association of Banks in Singapore published a report on the outcome of Phase 2 of Project Ubin. This was a 13-week project to develop software prototypes for improved payments on blockchain.
