The Institutes Forms Blockchain Consortiumbr>
Risk and insurance knowledge group The Institutes has formed a blockchain consortium focused on the risk management and insurance industry.
Called The Institutes RiskBlock Alliance, the consortium will advance development of industry-specific blockchain use cases covering areas such as proof of insurance, subrogation, data sharing and risk registries, and parametric insurance.
The Institutes said the consortium is the result of its efforts to facilitate collaboration across more than 30 organizations representing various segments of the risk management and insurance industry.
Experts in the fields of risk management and insurance will be working with blockchain developers to research, develop, and test blockchain applications for industry-specific use cases. In addition to leading the consortium, The Institutes will continue to focus on educating the industry about the blockchain.
“The risk management and insurance industry is faced with an increasingly fast moving, innovative, and data-driven environment,” said Peter L. Miller, CPCU, president and CEO of The Institutes. “Insurers have varying levels of knowledge about blockchain, and the key to making this technology work in our industry is ensuring that members work together. This is why The Institutes have formed the consortium.”