Accenture, an international professional company providing its services to more than 40 industries, is joining the blockchain consortium for the risk management and insurance industry — The Institutes RiskBlock™ Alliance.
The company aims to build a platform to implement blockchain and DLT use cases, which will be tested by the end of this year.
According to the president of The Institutes RiskBlock™ Alliance, Christopher G. McDaniel, joining Accenture in order to advance real-world blockchain uses, will take the companies to greater insurance solutions and “chart a clear course for effectively implementing blockchain technology throughout the insurance industry.”
Accenture will develop and maintain the platform, making the necessary modifications and updates according to the business needs.
The company’s practice leader Michael Costonis notes that since insurers gradually rely on syndicates to make business competencies and develop client experiences, blockchain technology will be crucial “to holding partners accountable without first needing to establish trust”. He also underlined blockchain’s ability to “simplify, secure and speed up the way the insurance industry works.”
RiskBlock is aiming to reduce the costs and frauds, as well as raise the accuracy of customer data with DLT-based tools.
Last year more than 30 international insurance companies and brokers have joined the RiskBlock™ Alliance, which is committed to “equipping organizations to work together to inspire product innovation, enable efficiencies and open new technological frontiers”.
Earlier in June, Accenture’s Aerospace & Defense has stated that at least 86% of Aerospace and Defence companies will implement blockchain into their systems by the year of 2021.