The Institutes RiskBlock Alliance Advances as Semifinalist of Insurance Innovator Award | The Institutes

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The Institutes RiskBlock Alliance Advances as Semifinalist of Insurance Innovator Award

MALVERN, Pa. - The Institutes, the leading education provider for the risk management and property-casualty insurance industry, won the Insurance Industry Innovator Award at the Chicago semifinals of the 2017 ACORD Insurance Innovation Challenge (AIIC) on July 26, 2017. The company's submission, The Institutes RiskBlock™ Alliance, will next compete against semifinalists from New York and London AIIC events for the chance to emerge as the overall category winner. 

The winning submission, presented by The Institutes President and Chief Executive Officer Peter L. Miller, CPCU, and Christopher McDaniel of Deloitte, introduced a unique approach to advancing the use of blockchain in insurance. The Institutes RiskBlock Alliance, a newly launched consortium composed of more than 30 insurance organizations, aims to unlock the potential of blockchain by rapidly developing use cases across the industry within a single, scalable architectural framework. 

"On behalf of The Institutes, we are honored and humbled to be presented with the Insurance Innovator Award by AIIC," Miller said. "As the risk management and insurance industry is faced with an increasingly fast-moving, innovative and data-driven environment, it is crucial that insurers have varying levels of knowledge about blockchain. To truly maximize technological advancement in our industry, we must work together. The Institutes have formed the blockchain consortium to advance this effort."

Entering its third year, the AIIC culminates October 24 through 26 at ACORD 2017 in Boston, where winners will be chosen in both the Industry Innovator and Startup Disruptor categories. Visit ACORDchallenge.org for more information on this event. 

For more information about blockchain technology and to receive updates on The Institutes RiskBlock Alliance, visit TheInstitutes.org/Blockchain

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