Industry’s leading blockchain consortium includes national and international insurers, agencies, brokerages and reinsurers
Murphy Insurance Agency has announced joining The Institutes RiskBlock™ Alliance joining 11 additional companies have newly joined the risk management and insurance industry’s first enterprise-level blockchain consortium, bringing the total number of member companies to 30. The RiskBlock Alliance is building blockchain solutions that will lower industry transaction costs, improve the customer experience, and increase the speed and security of data transfers among customers, industry stakeholders, and third parties.
The Institutes, a leading provider of risk management and insurance education and research, launched the not-for-profit consortium in 2017. The current members represent the leading companies in the property-casualty industry sector. In partnership with LIMRA, the RiskBlock Alliance will expand to the life, annuity and retirement sectors later this year.
New RiskBlock Alliance members include insurers, brokerages and reinsurers serving customers in the United States and abroad, including:
Acuity Insurance
Amerisure Mutual Insurance Company
Assurant
BB&T Insurance Holdings, Inc.
D. Francis Murphy Insurance Agency, Inc.
EMC Insurance Companies
FHM Insurance Company
GEICO
State Farm®
Travelers
TrueNorth Companies
W.R. Berkley
“In talking with our members, we’ve heard time and again that our biggest differentiator is our not-for-profit status and commitment to working with members to identify and build solutions for the industry’s most pressing collective issues,” says Christopher McDaniel, President of the RiskBlock Alliance. “Blockchain becomes exponentially more powerful as more organizations connect to it, and hitting this membership milestone brings us one step closer to the scale blockchain needs to transform the industry and greatly enhance consumers’ experience with insurance.”
RiskBlock Alliance members will test the consortium’s forthcoming blockchain-based applications, including a proof of insurance application, a first notice of loss data-sharing process, a smart contract enabled subrogation tool and a parametric insurance application. Members will also work together to identify, test and bring to market future blockchain applications that can better serve policyholders and reduce costs by streamlining payments, reducing fraud and improving timely access to relevant data.