Blockchain consortium the Institutes RiskBlock Alliance, which operates in the insurance industry, announced on Tuesday that it had picked professional services firm Deloitte as its partner to support the group with its blockchain development. London-based Deloitte is the world’s largest professional services company by revenue and one of the “Big Four” accounting firms. The company will contribute with its blockchain-related capabilities to support the consortium, which currently comprises 31 insurance and risk management firms, adopt and trial several products that will be introduced by the end of this year.
Also, Deloitte will help the RiskBlock Alliance to expand in Canada, which marks the consortium’s first effort to expand outside the UK. Deloitte will assist the group in opening a legal entity in Canada and start dealing with insurers there. The move is meant to promote and accelerate blockchain adoption in the global insurance market.
RiskBlock Alliance president Christopher G. McDaniel commented on the deal:
“Deloitte has established itself as a leader in blockchain and distributed ledger technology and has strong global relationships with both blockchain and insurance organizations.”
“It’s for those reasons that Deloitte makes an ideal collaborator for us as we build blockchain applications for the insurance industry around the world. We are excited to see what we can accomplish together,” he added.
According to the agreement, Deloitte will develop several blockchain apps for the consortium members. The applications will touch upon a range of processes related to the insurance transaction life cycle. Each app will be offered via Canopy, the industry’s end-to-end distributed ledger technology (DLT) framework. Canopy was developed for the consortium on R3’s Corda platform. The set of applications will help industry members streamline processes and cut costs.
Linda Pawczuk of Deloitte Consulting explained:
“At Deloitte, we have 1,500 blockchain practitioners in 33 countries across 23 industries dedicated to discovering how distributed ledger technology can improve different areas of the economy. We’re thrilled to have the opportunity to broaden our role globally and begin building concrete applications for the market.