Blockchain Insurance Consortium Selects EY As Cybersecurity And Risk Management Provider

Blockchain, News | August 22, 2018 By:

The RiskBlock Alliance, a blockchain consortium for the risk management and insurance industry, has selected professional services firm EY to serve as a primary service provider for blockchain-specific cybersecurity and risk management guidance.

The RiskBlock Alliance was formed in July 2017 by The Institutes, a risk and insurance knowledge group. The blockchain consortium brings together industry experts and developers to advance insurance-specific use cases via an interoperable blockchain architecture. The 30-member consortium is committed to equipping organizations to work together to inspire product innovation, enable efficiencies and open new technological frontiers.

The partnership with EY is part of RiskBlock Alliance’s efforts to implement and test multiple insurance use cases by the end of the year. As part of the agreement, EY and RiskBlock Alliance will work together to identify risks unique to blockchain technology, and identify leading practice controls. EY will aslo provide the consortium blockchain-specific cybersecurity assessments and testing.

“We expect that the risk and controls guidance and cybersecurity testing services EY is developing will not just be critical to the success of the RiskBlock Alliance, but likely will help set the standard for industry-leading practices for blockchain enterprise,” said Christopher G. McDaniel, president of RiskBlock Alliance.

The alliance wants to leverage its blockchain applications and tools as it seeks to better serve policy-holders and reduce industry and consumer costs by streamlining payments, reducing fraud and improving the accuracy of customer data. RiskBlock is planning to implement and test a proof-of-insurance application that allows drivers and law enforcement to confirm insurance coverage in real time, without relying on paper forms. A subrogation tool that uses blockchain-enabled smart contracts and a parametric insurance application that automates the claims process will also be tested.

“The Institutes have been a long-term knowledge leader and non-profit partner to the insurance and risk management industry,” said David Hollander, EY Global Insurance leader. “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. We’re proud to be pioneers together and teaming to address industry issues.”