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The Institutes RiskBlock Alliance, the insurance organization’s blockchain consortium, said that Accenture P.L.C. will lead development of RiskBlock’s production-grade platform to develop and implement blockchain uses for the industry, The Institutes said in a statement Monday.
RiskBlock added that the platform should enable the consortium to build and test multiple use cases by the end of 2018, the statement said.
Accenture will design and build the platform and then maintain and update it as the business needs and technologies of RiskBlock members evolve, the statement said. The consultancy will also help RiskBlock develop and test applications as one of several solution providers.
RiskBlock has identified more than 40 use cases and is preparing to test a “first notice of loss” data-sharing process produced by Accenture and a “proof of insurance” application that allows motor vehicle drivers and law enforcement to confirm insurance coverage information in real time without relying on paper forms.
Also on tap are a subrogation tool that uses blockchain-enabled, smart-contract technology to facilitate the netting of consortium members’ payments, reducing manual processes and making the payment and accounting of claims processing more efficient, and a parametric insurance application that uses a weather oracle and smart contracts to automate the claims process, the statement said.
“Partnering with Accenture to develop real-world blockchain applications will lead to better insurance solutions and chart a clear course for effectively implementing blockchain technology throughout the insurance industry,” Christopher G. McDaniel, president of The Institutes RiskBlock Alliance, said in the statement.
“RiskBlock has built a powerful alliance, and we’re eager to work with them to develop scalable blockchain use cases in insurance,” Michael Costonis, who leads Accenture’s Insurance practice globally, said in the statement. “Blockchain has the power to simplify, secure and speed up the way the insurance industry works.”
Last month, Zurich-based B3i Services A.G., another group founded as a consortium that recently incorporated, chose the Corda platform built by R3CEV L.L.C. in New York on which to build applications.
ORLANDO, Fla. — Blockchain technology has a future in workers compensation transactions as the technology has the potential to improve communication and efficiency industrywide, a presenter told attendees of the National Council for Compensation Insurance Inc.’s Annual Issues Symposium on Friday.