MALVERN, Pa. and WINDSOR, Conn., Sept. 14, 2017— The Institutes and LIMRA today announce a partnership to advance the adoption of blockchain solutions across the insurance industry through RiskBlock™ – the industry’s first enterprise-level blockchain consortium.
This announcement follows the inaugural meeting of LIMRA’s Blockchain Advisory Council on September 7th, at the Massachusetts Institute of Technology. Attendees not only discussed high-value opportunities to leverage blockchain technology, but how the industry can align around practical, collaborative solutions that can be designed, developed and implemented efficiently.
Both LIMRA and The Institutes believe industry alignment is the most critical factor in unlocking the potential of blockchain, and this announcement brings together the two leading insurance industry non-profit organizations; leveraging their more than 100 years of expertise serving 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,” says 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 towards 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 between 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.”
For more information about blockchain technology and to receive updates on The Institutes RiskBlock Alliance, visit TheInstitutes.org/Blockchain.
About The Institutes | Risk and Insurance Knowledge Group
As the industry’s trusted and respected knowledge leader, The Institutes are committed to meeting the evolving professional development needs of the risk management and insurance industry. We prepare people to fulfill their professional and ethical responsibilities by offering innovative educational research, networking and career resources. Our offerings include the Chartered Property Casualty Underwriter (CPCU®) designation program, associate designation programs, introductory and foundation programs, online courses, continuing education courses, leadership education, custom solutions and assessment tools.
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LIMRA, a worldwide research, consulting and professional development organization, is the trusted source of industry knowledge, helping more than 850 insurance and financial services companies in 64 countries. Visit LIMRA at www.limra.com.
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