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July 10, 2018

Accenture Joins Blockchain Consortium Focused on Insurance Industry

Accenture Joins Blockchain Consortium Focused on Insurance Industry
Accenture Joins Blockchain Consortium Focused on Insurance Industry

Accenture, a leading professional services and management consulting company, said on Monday it has become part of The Institutes RiskBlock™ Alliance, a blockchain-oriented consortium focused on risk management and insurance market. Accenture, which is listed on the NYSE with the ticker ACN, will be responsible for developing a production-grade system to implement the distributed ledger technology (DLT). The upcoming platform will allow the consortium to trial several use cases by the end of this year.

Christopher G. McDaniel, who leads the consortium, commented on the move:

“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.”

Michael Costonis, the head of Accenture’s Insurance practice, stated:

“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.”

“RiskBlock has built a powerful alliance, and we’re eager to work with them to develop scalable blockchain use cases in insurance. Blockchain has the power to simplify, secure and speed up the way the insurance industry works,” he added.

Accenture will collaborate with the consortium by designing and developing the blockchain platform that would enable the realization of multiple use cases. Once the system is ready, Accenture will maintain and update it according to the business demand within RiskBlock group.

The goal of RiskBlock is to leverage blockchain to satisfy policyholders’ needs and cut costs by streamlining the payment procedures, improving the accuracy of data, and reducing fraud. The consortium has defined over 40 use cases and is keen to trial several systems, such as “first notice of loss” data-sharing process, “proof of insurance” application that allows car drivers and law enforcement to confirm insurance coverage accuracy almost in real-time, and a payments tool based on smart contracts.

RiskBlock has added over 30 insurance companies and brokers in the last 12 months.

Given its involvement with blockchain technology, Accenture made the list of the Reality Shares Nasdaq Blockchain Economy Index, created by Reality Shares and Nasdaq.

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