According to an announcement published, Deloitte, a Big Four audit and consulting firm will assist The Institutes RiskBlock Blockchain Consortium Emphasized On Insurance to develop in Canada.
In this Paragraph, The RiskBlock Alliance is a North American consortium that in 2017 that focuses on the application of blockchain technology in the insurance sector with more than 30 participating organizations.
However, The alliance will try to introduce blockchain-based applications, comprising an insurance certificate application, which is a process for sharing data with first losses, and a subrogation tool based on smart contracts.
In the coming months, Deloitte will assist the RiskBlock Alliance in its deployment in Canada as part of its international expansion strategy.
However, The alliance will register a legal entity in Canada and will cooperate with real estate and accident insurers.
According to the announcement, Deloitte will be accountable for the prioritization, methodology, and development of diverse blockchain applications,
which will deal with different elements of the life cycle of insurance transactions.
The Canopy system could offer new applications based on the R3 Corda platform.
Director and chief financial officer of Deloitte Consulting LLP Linda Pawczuk said the platform will serve as a “base” for the global industry of insurtech in recent years.
Ted Epps, Director of Deloitte Consulting, said that the RiskBlock Alliance has a strategic value in being able to connect a diverse range of stakeholders to insurance through a shared network.
The current expansion will accelerate the global scale of the consortium and bring the blockchain
to the next level in the Blockchain Consortium Emphasized On Insurance sector and other broader financial services.
In August, Deloitte carried out a study that revealed that blockchain technology is gaining ground in business management in multiple industries.
74% of the respondents said that their management team believes
that there is an attractive business case to use the blockchain,
while 34% say that a blockchain implementation was already active within their organization.
The Blockchain Insurance Industry Initiative (B3i), a consortium of insurers working to develop blockchain-based insurance solutions,
has announced that it will be working with Deloitte to expand its operations in Canada.
B3i in 2016 by a group of 11 insurers, and it has since grown to include
over 50 members from around the world.
The consortium’s goal is to use blockchain technology to improve the efficiency and transparency of the insurance industry.
Deloitte is a leading professional services firm that has extensive experience in blockchain technology.
The firm has worked with a number of clients in the insurance industry to develop and implement blockchain-based solutions.
The B3i-Deloitte partnership is a significant development for the blockchain insurance industry.
It shows that the industry is maturing and that there is a growing demand for blockchain-based solutions.
The partnership is also likely to help to accelerate the adoption of blockchain technology in the insurance industry in Canada.
Here are some of the benefits that blockchain technology can offer the insurance industry:
Increased efficiency:
Blockchain can help to streamline the insurance process, making it more efficient and cost-effective.
Improved transparency:
Blockchain can help to make the insurance process more transparent, giving both insurers and policyholders greater visibility into the process.
Enhanced security:
In this Paragraph, Blockchain is a secure distributed ledger technology,
which means that it is very difficult to hack or tamper with.
The B3i-Deloitte partnership is a positive step for the Blockchain Consortium Emphasized On Insurance industry.
It shows that the industry is maturing and that there is a growing demand for blockchain-based solutions.
The partnership is also likely to help to accelerate the adoption of blockchain technology in the insurance industry in Canada.