Technical accounting blockchain RITA goes into production
Reinsurance technical accounting blockchain RITA is to go into production. The move follows tests of a handful of cedants from the German-speaking countries and a handful of the largest reinsurers. The RITA network on the Corda R3 infrastructure has been ready for production since the fourth quarter of 2019.
Ritablock, the legal carrier of the RITA platform, will now onboard the first participating companies in the coming months. RITA will enable them to start the data exchange procedures for reinsurance technical accounts.
In parallel, the sending of claims notification and claims borderos messages has been developed and will be made available to the network participants as a next step of functional coverage.
Both the technical accounting data and the claims information are or will be ACORD-compatible, meaning the data can, but does not have to, be sent and received in this global data structure standard.
RITA said it has already received an encouraging amount of interest: a large German insurance group has decided to transfer the entire group reinsurance exclusively via RITA in the future; Inveos, the manufacturer of the ProRis reinsurance solution, will use RITA within the ProRis customer base, and other providers of reinsurance software solutions have joined. They have already decided to offer RITA to their customers and to make the corresponding software RITA-compatible.
The goal of RITA (Reinsurance Technical Accounting on Blockchain) is to achieve a very high degree of automation in the dispatch and processing of accounting data - especially in reinsurance and co-insurance. This takes into account and adheres to the current requirements for security, control and traceability.
Corda is a blockchain network in the financial services sector (banks and insurance companies). The B3i initiative, supported by the largest primary and reinsurers, is also an example of this network.
Ritablock is a joint venture between Consurance, an independent consulting company, and Inveos, the manufacturer of the reinsurance administration software ProRis blue.
Ritablock is responsible for the operation of RITA and the further expansion of functionality in the direction of the entire administrative processes of reinsurance and co-insurance.
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