Deloitte to help Ins. blockchain alliance in Canada
Friday, 09 28 2018, Category: Technology, Country: World
Deloitte, one of the Big Four accounting and audit firms, has been selected by The Institutes RiskBlock Alliance, a blockchain consortium representing 31 risk management and insurance companies, to help advance its blockchain application development and the expansion into Canada, the first piece of its planned international expansion. Deloitte will help the consortium to implement and test multiple products that will be brought to market by the end of 2018.
The RiskBlock Alliance, which was initially launched in July 2017, is preparing to launch blockchain-based applications, including a proof of insurance application, the first notice of loss data-sharing process and a smart-contract-enabled subrogation tool. The subrogation tool will be built by Deloitte and use smart contracts to facilitate the netting of members’ payments and improve the efficiency of claims processing payment and accounting.