Deloitte, a forward-thinking frontrunner in the blockchain industry, is now working with The Institutes RiskBlock Alliance (“Alliance”) and supporting their move into Canada says Forbes.
According to the Alliance website, they are “an unprecedented, industry-led consortium collaborating to unlock the potential of blockchain across the insurance industry.” The group contains over thirty insurance companies including players such as: Liberty Mutual, State Farm, Farmers Insurance and Penn National. The Alliance has global impact as well, announcing in November 2018 that they would be advising on setting blockchain standards to the industry’s Association for Cooperative Operations Research and Development (ACORD), a global standards and research non-profit. This move could potentially deliver large scale growth and products for the blockchain industry worldwide.
Further, Deloitte has been working on two blockchain applications for the insurance industry to assist in streamlining the claims process, the first being: proof of insurance, which would show verification of benefit eligibility and payment of premiums; secondly, a subrogation tool utilizing smart contracts to automatically pay out claims and improve processing and accounting administration.
While there are still some regulatory matters to be faced, it is encouraging news that one of the largest global accounting organizations in the world is actively pursuing solutions to implement real life blockchain solutions for both the insurance and blockchain industries as well as insurance holders worldwide.