Accenture joins blockchain consortium to explore use cases in the insurance industry
Global technology consultancy Accenture has joined The Institutes RiskBlock Alliance, aiming to readily test the potential of blockchain technology in use cases within the insurance industry.
RiskBlock is a blockchain consortium within the risk management and insurance industry, seeking to reduce industry and consumer costs and improve safety by streamlining payments using the technology.
“Accenture has established itself as a leader in developing practical blockchain solutions across a number of industries,” said Christopher McDaniel, President of The Institutes RiskBlock Alliance.
“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.”
As part of its new role within the consortium, Accenture will act as the lead framework architect responsible for building the platform that will be used to develop, test and implement the blockchain use cases.
Further, the Dublin-headquartered firm will be required to maintain and update the platform as business and technology needs change within RiskBlock, whilst also helping the alliance to develop and test its use cases.
“RiskBlock has built a powerful alliance, and we’re eager to work with them to develop scalable blockchain use cases in insurance,” said Michael Costonis, Global Insurance Practice Leader at Accenture. “Blockchain has the power to simplify, secure and speed up the way the insurance industry works.”
To date, RiskBlock has identified 40 potential use cases of blockchain within the insurance industry.
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”