New alliance to drive blockchain use in insurance broker market
Blockchain technology company Bitfury Group and risk and insurance advisory firm Risk Cooperative have entered into a strategic partnership to drive blockchain applications in the $60 billion insurance intermediation market.
The partnership aims to enhance trust, transparency, efficiency and security in the origination, underwriting, quoting and transfer of insurable risk.
Blockchain technology allows for the recording of data—transactions, contracts, agreements—in a way that means the data are simultaneously stored, but also updated in real time—on hundreds or even thousands of computers globally. It is said to make the data almost impossible to tamper with or hack into—yet it is also accessible and updated instantly for every user.
The partnership will serve as a catalyst to established industry players helping them overcome organisational and cultural apprehension to blockchain by serving as an implementing partner and advisor, according to a statement.
“With Bitfury as a strategic partner, combined with our commitment to innovation and improving resilience, we are confident that we can serve as first movers in driving Blockchain’s adoption across the entire insurance value chain," said Dante Disparte, Risk Cooperative’s founder and CEO. "This is no small feat, but with Bitfury’s strategic and operational leadership in Blockchain technology, we can be bold in our advance."
Valery Vavilov, CEO of The Bitfury Group, added: "Blockchain technology can bring transparency and security to the insurance industry, and can be a catalyst for new insurance business models. Risk Cooperative brings the very best in insurance industry expertise and vision for these new business opportunities, and we look forward to harnessing Blockchain to take our ideas from concept to reality."
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