The Institutes has announced a new blockchain framework called RiskBlock to provide more streamlined and secure proof of insurance. Nationwide Insurance is the first company to begin rolling out product on the platform.
RiskBlock is the first blockchain framework delivered from the newly formed RiskBlock Alliance and the first of its kind that is designed specifically for the risk management and insurance industry. The Institutes RiskBlock Alliance is an industry-led, insurance-focused consortium that developed the RiskBlock framework.
RiskBlock will provide insurers with real-time verification of insurance coverage; allow law enforcement to verify proof of insurance efficiently without relying on paper forms; provide insurers with a streamlined and cost-effective way to offer proof of insurance; and, in the near future, will allow insured clients to share trusted, third-party verified proof of insurance with a click on their mobile devices.
“The current way that drivers provide proof of insurance is cumbersome and uncertain,” said Christopher G. McDaniel, executive director of The Institutes RiskBlock Alliance in a statement. “Sharing proof of insurance through blockchain is key to streamlining the process of providing proof and marks the start of our efforts to revolutionize many other aspects of the insurance industry. Our collaboration with Nationwide is the first step toward a better overall system.”
The membership of the Alliance includes over 30 companies as members, ranging from the top 10 carriers to brokers and reinsurers. Nationwide Insurance is the first to use the platform in a pilot program to simplify real-time insurance coverage verification, eliminating paper insurance cards and providing a mobile app for real-time verification. ac
The coverage verification is an initial use case and the Alliance anticipates its members will be able to better serve policyholders and reduce costs by streamlining claim payments and premiums, reducing fraud through centralized recording of claims and improving acquisition of new policyholders by validating accuracy of customer data.