Source: Insurance Business | November 5, 2018
Author: Alicja Grzadkowska
Titans of industry, such as global insurance brokerage Marsh and Aon, have already recognized the potential in blockchain and now, more companies are jumping on board to push the application of the technology in insurance even further.
EY recently announced that it will act as the primary service provider in blockchain-related cybersecurity and risk management guidance for the Institutes RiskBlock Alliance, which is the first blockchain consortium for the risk management and insurance industry. The collaboration will assist RiskBlock Alliance in pinpointing the risks unique to its blockchain as well as identifying practice controls and providing blockchain-specific cybersecurity assessments and testing, according to EY.
“Our view was that confidence in the platform and in the applications was critically important,” said David Bassi, executive director at EY. “Given some of our strengths in that area, that was where we thought we could best support them in the short-term and evolve [that support] over time.”
Given that the global blockchain insurance market is expected to grow from this year’s $64.5 million to $1.393.8 million by 2023, a projection from a ReportLinker study, it’s no surprise that Bassi is seeing the insurance industry take more notice of the technology and often, already have it standing by to implement into a variety of processes.