Deloitte to Assist Insurance-Focused Blockchain Consortium to Expand Into Canada
‘Big Four’ audit and consulting firm Deloitte will help The Institutes RiskBlock Alliance blockchain consortium expand into Canada, according to an announcement published September 25.
RiskBlock Alliance is a U.S.-based consortium launched in 2017, which focuses on the application of blockchain technology in the insurance industry, with more than 30 participant organizations. The alliance is reportedly looking to launch blockchain-based applications, including a proof of insurance app, which is “a first notice of loss data-sharing process and a smart contract-enabled subrogation tool.”
In the coming months, Deloitte will reportedly help RiskBlock Alliance to bring its operations to Canada within its international expansion strategy. The alliance will register a legal entity in Canada and start collaborating with Canadian-based property-casualty and life/annuity insurers.
Per the announcement, Deloitte will be responsible for the methodology, prioritization and development of a variety of blockchain applications, which will address various elements of the insurance transaction life cycle. New apps will reportedly be provided by R3’s Corda platform-based Canopy.
Linda Pawczuk, a principal and the financial services blockchain leader at Deloitte Consulting LLP, said that the platform will serve as a “home base” for the global insurtech industry over the coming years.
Ted Epps, a principal with Deloitte Consulting, said that the RiskBlock Alliance has strategic value in that it is “[able] to connect a diverse set of insurance industry stakeholders through a shared network.” He added that the current expansion into Canada, “will accelerate the consortium’s global reach and take blockchain to the next level in the insurance industry—and financial services more broadly.”
In August, Deloitte published a survey revealing that blockchain tech is gaining traction at the executive level of enterprises across diverse industries. 74 percent of all the respondents to the survey said their executive team believes there is a “compelling business case” for use of blockchain, with 34 percent saying that some form of blockchain deployment was already active within their organization.