The Blockchain Boom: Deloitte and RiskBlock Alliance Team Up

In a deal that could potentially redefine the insurance landscape in Canada, Deloitte has announced its partnership with The Institutes RiskBlock Alliance. The announcement made on September 25th showcased an exciting initiative that aims to leverage the power of blockchain technology across the insurance industry.

What is RiskBlock Alliance?

Founded in 2017, RiskBlock Alliance is not your everyday consortium. This U.S.-based group serves as a crucible for innovation, bringing together over 30 insurance organizations to focus on the application of blockchain technology in their operations. With aspirations that sound like sci-fi, they’re working on solutions like a proof of insurance app and a smart contract-enabled subrogation tool, all designed to simplify and enhance insurance transactions.

Crossing Borders: Expanding into Canada

As part of its ambitious international expansion strategy, the RiskBlock Alliance is setting its sights on Canada. This evolution will see the establishment of a legal entity in the Great White North and collaborations with local property-casualty and life/annuity insurers. In short, it’s a strategic move that could bring fresh innovation to a market that is ripe for change.

Deloitte: The Method Behind the Madness

So what exactly is Deloitte’s role in this? Well, they’re diving headfirst into the fray, taking charge of developing methodologies and prioritizing the various blockchain applications. These applications will cover crucial elements of the insurance transaction life cycle, ensuring that every step is efficient and effective. Powering this endeavor is R3’s Corda platform-based Canopy, which promises to be the strong backbone for the anticipated digital transformation.

Industry Insights and Future Outlook

Linda Pawczuk, one of Deloitte’s big cheeses in financial services blockchain, described the Canopy platform as a potential “home base” for the global insurtech industry. It’s a lofty claim, but given the current trajectory of blockchain technology, it’s not out of the realm of possibility.

Adding fuel to the fire, Deloitte’s Ted Epps pointed out the strategic advantage that RiskBlock brings by connecting various stakeholders in the insurance sector. He believes that this move into Canada will not only enhance the consortium’s global presence but will also elevate the blockchain conversation in financial services overall.

The Growing Acceptance of Blockchain

The momentum is certainly building. A recent Deloitte survey revealed that a whopping 74% of executives across different industries see a “compelling business case” for blockchain integration, with 34% already having some form of deployment in action. This uptick in enthusiasm suggests that the tides are shifting, and soon, anyone not harnessing the power of blockchain might find themselves left behind.

Final Thoughts

As Deloitte and RiskBlock Alliance set their ambitious plans in motion, one can’t help but wonder: Is this the dawn of a new era in the insurance world? With innovation as their mantra and blockchain as their tool, the possibilities seem endless. The only thing left to see is how fast insurance can adapt to this evolving digital landscape.