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.

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“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.