'Big Four' audit and consulting firm Deloitte will help The Institutes RiskBlock Alliance blockchain consortium expand into Canada, according to an announcement published September 25.
RiskBlock Alliance is a U.S.-based consortium launched in 2017, which focuses on the application of blockchain technology in the insurance industry, with more than 30 participant organizations. The alliance is reportedly looking to launch blockchain-based applications, including a proof of insurance app, which is a "first notice of data loss-sharing process and a smart contract-enabled" subrogation tool. "
In the coming months, Deloitte will reportedly help the RiskBlock Alliance to bring its operations to Canada within its international expansion strategy. The alliance will register with a legal entity in Canada and will start collaborating with the Canadian-based property-casualty and life / annuity insurers.
For the announcement, Deloitte will be responsible for the methodology, prioritization and development of a variety of blockchain applications. New apps will be reportedly provided by R3's Canopy platform-based rope.
Linda Pawczuk, a leader and the financial services blockchain leader at Deloitte Consulting LLP, said that the platform will serve as a "home base" for the global insurtech industry over the coming years.
Ted Epps, a principal with Deloitte Consulting, said that the RiskBlock Alliance has strategic value in that it is "[able] to connect to different sets of insurance industry stakeholders through a shared network. "He will accelerate the consortium's global reach and take to the next level in the insurance industry and financial services more broadly."
In August, Deloitte published a survey revealing that blockchain tech is gaining traction at the executive level of enterprises across different industries. 74 percent of the respondents to the survey said their executive team believes there is a "compelling business case" for the use of blockchain, with 34 percent saying that some form of blockchain deployment was already active within their organization.