At this week’s
Blockchain in Insurance Summit in Philadelphia, one of the panels was entitled “evaluating alternative collaboration models”. On the podium there was much talk about consortia and blockchain being a team sport. Only the event chair Dante Disparte publicly disagreed saying business is about competition.
In private discussions, those new to blockchain were more skeptical about competitors working together and were surprised to see State Farm and Nationwide sitting side-by-side on the podium.
Nationwide’s Mike Fulton acknowledged that initially he had internal pushback along those lines when discussing joining the RiskBlock Alliance. But it was clear from the talk that many companies have embraced the consortia participation and are seeing the advantages.
Benefits
The obvious outcome from consortia is developing shared solutions. In the case of
RiskBlock, that’s the proof of insurance and first notice of loss applications that are due to launch early next year.
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