RiskBlock Alliance picks EY as blockchain security and risk services provider

The Institutes RiskBlock Alliance, a blockchain consortium for the risk management and insurance industry, has announced EY as the primary service provider for blockchain-specific cybersecurity and risk management guidance.

Launched in July 2017, the Institutes RiskBlock Alliance has grown to 30 global insurers, reinsurers and brokers. By leveraging blockchain technology, it aims to better serve policyholders and reduce industry and consumer costs by streamlining payments, reducing fraud and improving the accuracy of customer data.

“We expect that the risk and controls guidance and cybersecurity testing services EY is developing will not just be critical to the success of the RiskBlock Alliance, but likely will help set the standard for industry-leading practices for blockchain enterprise,” said Christopher G. McDaniel, president of The Institutes RiskBlock Alliance.

EY will help the non-profit consortium evaluate the security of its blockchain applications for insurance industry. It will help identify risks unique to its blockchain, identify leading practice controls, and provide blockchain-specific cybersecurity assessments and testing.

The announcement comes as the consortium makes efforts to implement and test multiple insurance use cases by the end of 2018. RiskBlock said it has identified over 40 uses cases and is ready to implement and test various applications such as proof-of-insurance application that allows drivers and law enforcement to confirm insurance coverage in real time; first notices of loss data sharing process; a subrogation tool to facilitate the netting of consortium members’ payments; and a parametric insurance application to automate the claims process.