What is Blockchain Technology?
The Institutes RiskBlock Alliance and LIMRA Partner to Advance Blockchain Solutions Across Insurance
On Sept. 14 2017, The Institutes and LIMRA announced a partnership to advance the adoption of blockchain solutions across the insurance industry through The Institutes RiskBlock™ Alliance. LIMRA and The Institutes believe that industry alignment is key in unlocking the potential of blockchain. The collaboration between these two leading non-profits arrives at a critical time, as member organizations and trade associations look to The Institutes and LIMRA to lead efforts to leverage blockchain technology as a way to transact business and share information among companies, regulators and third parties.
Familiarize and Revolutionize: Blockchain in Risk and Insurance
With the rising impact of blockchain technology, it’s more important than ever for the risk and insurance industry to seize the possibilities offered by this new technological advancement.
Yet, 57 percent of insurance firms don’t yet know how to respond.
This is why The Institutes, is aiming to help risk management and insurance companies harness the power of blockchain through education and the formation of its RiskBlock™ Alliance, comprised of 30+ industry organizations.
Video 1 - An Introduction to Blockchain Technology
Video 2 - How Did We Get Here?
Video 3 - What is the Blockchain?
Video 4- The Blockchain and Cryptocurrencies
How can you prepare for the blockchain revolution?
Committed to meeting the evolving professional development needs of the risk management and insurance industry, The Institutes’ unique expertise can help ensure you’re prepared to use blockchain technology through our six-part video series and “Blockchain Building Blocks” whitepaper. Find out about key information, including:
- The history and evolution of blockchain—What is it?
- The birth of bitcoin and how this system unveiled the world’s first blockchain
- Alternative cryptocurrencies and blockchain models, and their significance
- Blockchain use cases and examples
- Why blockchain is important to risk management and insurance
- The future of blockchain and what it could mean for you
The Institutes and Blockchain
The Institutes RiskBlock Alliance Conducts Workshop to Promote Blockchain in Insurance
The Institutes RiskBlock™ Alliance brought together more than 30 insurance leaders to participate in a two-day strategic workshop aimed at accelerating adoption of the technology. This event allowed participants to share their perspectives on the potential challenges and applications of blockchain technology in insurance. Workshop participants focused on more than just strategy, also reviewing the four proof-of-concept use cases already developed. Other topics covered included architectural requirements, standards and governance, as well as high-impact blockchain topics such as smart contracts, data privacy and data access.
The Institutes RiskBlock Alliance Advances as Semifinalist of Insurance Innovator Award
The Institutes 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 CEO Peter L. Miller, CPCU, and Christopher McDaniel of Deloitte introduced a unique approach to advancing the use of blockchain in insurance.
Announcing The Institutes RiskBlock Alliance
The Institutes RiskBlock Alliance has already brought together more than 30 risk management and insurance industry organizations and blockchain developers to research, develop and test blockchain applications for industry-specific use cases.
The Institutes Joins Enterprise Ethereum Alliance
The Institutes have become a founding member of the newly formed Enterprise Ethereum Alliance, which includes some of the largest corporations, technology vendors and leading blockchain startups, representing the risk management and insurance industry in the development of enterprise applications of blockchain technology.