The Expansion of RiskBlock Alliance
The esteemed ‘Big Four’ player Deloitte is ready to put on its Canadian tuxedo—oh wait, that’s just a plaid jacket for a cold winter—by aiding The Institutes RiskBlock Alliance in its foray into Canada. This news, reported on September 25, showcases their ambition to enhance the blockchain frontier in the insurance sector.
What is RiskBlock Alliance?
Founded in 2017, RiskBlock Alliance is no average club; it’s a consortium based in the U.S., boasting an impressive membership of over 30 organizations. Dedicated to implementing blockchain technology within the insurance industry, they’re on a mission to launch applications like a proof of insurance app, which brings data-sharing into a modern light—because who really enjoys paperwork anyway?
Plans for Global Domination
RiskBlock is not just content with American soil; they’re going global! As part of their international expansion strategy, the consortium will set up shop in Canada, registering a legal entity and teaming up with local property-casualty and life/annuity insurers. You could say they’re bringing insurance up to date, one blockchain at a time.
Deloitte’s Role in the Blockchain Revolution
Here’s where Deloitte struts in, cape and all! They’ll orchestrate the methodology and development of various blockchain applications that will refine the intricacies of the insurance transaction life cycle. Utilizing R3’s Corda platform-based Canopy, new applications are set to enhance efficiency—imagine smart contract-enabled subrogation tools that make life easier and faster.
The Blockchain Momentum
Linda Pawczuk, the financial services blockchain leader at Deloitte Consulting LLP, believes that Corda will become a “home base” for insurtech over the next few years, and who wouldn’t want a cozy little home for all that tech? Meanwhile, Ted Epps, a fellow principal, highlighted the strategic advantages of the RiskBlock Alliance, noting its capacity to connect diverse stakeholders in the insurance realm.
Blockchain’s Growing Acceptance
But wait, there’s more! A recent survey from Deloitte revealed that blockchain is no longer just a techie buzzword—it’s gaining traction. A staggering 74% of respondents believe there’s a compelling business case for it, and 34% have already initiated some level of blockchain deployment in their organizations. So, what does this mean for the future? Perhaps a world where paperwork becomes extinct, or at the very least, a lot less annoying.
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