Last week The Institutes RiskBlock Alliance for insurance announced the launch of its Canopy 2 Platform. Canopy is a modular platform which contains a series of interoperable blockchains. This version features policy and claims blockchains.
The purpose of these two foundational blockchains is to streamline the creation of future applications and avoid reinventing the wheel. The core blockchain will get stronger as new applications are built on top. Plus third parties can use the permissioned network to develop proprietary applications on top.
The first two applications that sit on top of the policy and claims chains are available to members in advance of going live. The ‘proof of insurance’ and ‘first notice of loss’ applications are going through member testing. Additionally, the process involves integration with insurer systems and a comprehensive information security review.
These are the first two of 15 to 20 applications that will launch over the coming year in the property-casualty, life and annuity sectors.
RiskBlock has signed an agreement with R3 for support of the Corda platform.
“Partnering with Corda and creating this core set of standardized blockchains on Canopy is a blockchain game-changer for the insurance and risk management industry,” said Christopher McDaniel, executive director of the RiskBlock Alliance. “Blockchain will be most transformative for our industry if everyone is on one platform. It’s for that reason that we’re building an open, secure ecosystem that any and every insurance and risk management company can plug into.”
In the last month, RiskBlock announced several new members with the number currently at 31.
The latest additions include GEICO, State Farm, Travelers, TrueNorth, Acuity Insurance, Amerisure Mutual, Assurant, BB&T, D. Francis Murphy Insurance Agency, EMC Insurance, FHM Insurance, and W.R. Berkley.
“In talking with our members, we’ve heard time and again that our biggest differentiator is our not-for-profit status and commitment to working with members to identify and build solutions for the industry’s most pressing collective issues,” said McDaniel. “Blockchain becomes exponentially more powerful as more organizations connect to it, and hitting this membership milestone brings us one step closer to the scale blockchain needs to transform the industry and greatly enhance consumers’ experience with insurance.”