Accenture has announced that it will build a platform to develop and implement blockchain and distributed-ledger use cases on behalf of the Institutes RiskBlock Alliance, a consortium for the risk management and insurance industry.

The platform will enable the RiskBlock Alliance to implement and test multiple use cases by the end of 2018.

“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,” explained Christopher McDaniel, president of RiskBlock Alliance.

Accenture will maintain and update the platform as the business needs and technologies of RiskBlock members evolve. It will also help RiskBlock develop and test its use cases, serving as one of several solution providers.

“As insurers increasingly rely on partnerships to create business efficiencies and improve customer experiences, blockchain technology will be critical to holding partners accountable without first needing to establish trust,” said Michael Costonis, who leads Accenture’s Insurance practice globally.

Through its blockchain-based applications and tools, RiskBlock seeks to better serve policyholders and reduce industry and consumer costs by streamlining payments, reducing fraud and improving the accuracy of customer data.

It has identified more than 40 uses cases and is ready to implement and test:

• A ‘first notice of loss’ data-sharing process, to create a more streamlined experience for both consumers and business.
• A ‘proof of insurance’ application that enables motor vehicle drivers and law enforcement to confirm insurance coverage accuracy in real-time, without relying on paper forms.
• 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.
• A parametric insurance application that uses a weather oracle and smart contracts to automate the claims process.

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