Two Aim at Blockchain for Insurance

Announcements, Blockchain, FinTech, Innovation, Regulation | June 19, 2017 By:

Blockhain firm Bitfury Group has partnered with risk and insurance advisory firm Risk Cooperative to pioneer blockchain applications in the insurance market.

Founded in 2014, Risk Cooperative helps organizations address risk, readiness and resilience through a comprehensive service and solution offering in partnership with leading insurance companies and value-adding partners.

The Bitfury Group is a full-service blockchain technology company. The company develops and delivers software and the hardware solutions for businesses, governments, organizations and individuals to securely move an asset across the blockchain.

The partnership aims to improve trust, transparency, efficiency, and security in the origin and transfer of insurable risk.

While the insurance industry writes more than $5.5 trillion in annual premiums worldwide, most natural, man-made, and emerging risks remain unfunded or underinsured by established insurers using old systems and technologies.

The partners believe that blockchain is a foundational technology in designing new levels of access that can help improve insurance company risk appetite, customer proximity, and trust. Additionally, the partnership will serve as a catalyst to established industry players, helping them overcome organizational and cultural apprehension to blockchain by serving as an implementing partner and advisor.

“With Bitfury as a strategic partner, combined with our commitment to innovation and improving resilience, we are confident that we can serve as first movers in driving blockchain’s adoption across the entire insurance value chain,” said Risk Cooperative founder and CEO Dante Disparte. “This is no small feat, but with Bitfury’s strategic and operational leadership in blockchain technology, we can be bold in our advance.”

“Blockchain technology can bring transparency and security to the insurance industry, and can be a catalyst for new insurance business models,” said Bitfury Group CEO Valery Vavilov. “Risk Cooperative brings the very best in insurance industry expertise and vision for these new business opportunities, and we look forward to harnessing blockchain to take our ideas from concept to reality.”