The Institutes RiskBlock Alliance and LIMRA Partner to Advance Blockchain Solutions Across Insurance

The Institutes and LIMRA today announced a partnership to advance the adoption of blockchain solutions across the insurance industry through The Institutes RiskBlock™ Alliance, the industry’s first enterprise-level blockchain consortium.

This announcement follows the inaugural meeting of LIMRA’s Blockchain Advisory Council on September 7 at the Massachusetts Institute of Technology. Attendees not only discussed high-value opportunities to leverage blockchain technology but also how the industry can align around practical, collaborative solutions that are designed, developed and implemented efficiently.

Both LIMRA and The Institutes believe industry alignment is the most important factor in unlocking the potential of blockchain, and this announcement brings together the two leading insurance industry non-profit organizations each with more than 100 years of experience; leveraging their expertise across Property & Casualty, Retirement, and Life & Annuity.

“The key to making blockchain work is to bring together the entire industry—insurance providers, trade associations, educators, technology partners—to solve this challenge together,” said Peter L. Miller, CPCU, president and CEO of The Institutes. “With the combined expertise of The Institutes and LIMRA, RiskBlock will advance blockchain beyond proof of concept and toward practical application of this game-changing technology across every spectrum of the insurance industry.”

The collaboration arrives at a critical time, as member organizations and trade associations look to The Institutes and LIMRA to lead efforts to leverage blockchain technology as a way to transact business and share information among companies, regulators and third parties.

“We believe, as industry trade associations, it is incumbent on us to find more efficient and economic ways of transacting business and sharing information. Blockchain technology offers remarkable opportunity to solve many of the challenges the insurance industry faces,” said Robert A. Kerzner, president and CEO, LIMRA, LOMA and LL Global. “The partnership between the Institutes and LIMRA is unprecedented – drawing from the strength and experience of the two organizations to serve both the life and P&C sectors.”

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