Insurance blockchain consortium RiskBlock adds 12 members, cybersecurity tools

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The RiskBlock Alliance, a consortium of insurers working on blockchain technology for the industry, has added 12 new carrier members, giving it a total of 30. RiskBlock, which is part of the insurance professional-development organization The Institutes, also has contracted with EY to provide cybersecurity and testing technology for its projects.

The 12 new members of RiskBlock are:

  • Acuity Insurance
  • Amerisure Mutual Insurance Company
  • Assurant
  • BB&T Insurance Holdings
  • D. Francis Murphy Insurance Agency
  • EMC Insurance Companies
  • FHM Insurance Company
  • GEICO
  • State Farm
  • Travelers
  • TrueNorth Companies
  • W.R. Berkley

“We are always evaluating new technologies that will benefit our customers, agents and employees, and joining The Institutes RiskBlock Alliance provides us with the opportunity to help shape how the insurance industry uses blockchain technology,” Bruce Gifford, SVP and enterprise chief data and analytics officer for Travelers, said in an e-mail to Digital Insurance. “We’re looking forward to collaborating with other RiskBlock members to advance blockchain solutions that enhance customer interactions and operational efficiencies.”

Meanwhile, EY will help the group identify risks unique to its blockchain, identify practice controls, and provide cybersecurity assessments and testing. The selection comes after RiskBlock selected R3's Corda technology and other services from Accenture to provide the platform on which blockchain solutions will be built.

“We expect that the risk and controls guidance and cybersecurity testing services EY is developing will not just be critical to the success of the RiskBlock Alliance, but likely will help set the standard for industry-leading practices for blockchain enterprise,” said Christopher G. McDaniel, president of The Institutes RiskBlock Alliance.

RiskBlock started in 2017 and rolled out its first pilot, a proof-of-insurance solution, along with Nationwide in December of that year.

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