Blockchain technology company The Bitfury Group is partnering with the Washington, D.C. insurance advisory and brokerage firm Risk Cooperative. The agreement is focused on pioneering blockchain applications in the $60 billion insurance intermediation market.
Risk Cooperative see the deal as positioning the firm as “first movers” in the adoption of blockchain in the insurance value chain.
This is no small feat, but with Bitfury’s strategic and operational leadership in Blockchain technology we can be bold in our advance.
The Bitfury-Risk Cooperative partnership will leverage Bitfury’s expertise in designing and implementing full scale Blockchain applications across a wide range of sectors, and Risk Cooperative’s comprehensive insurance placement platform and partnership model with the world’s leading insurers to spur adoption of Blockchain solutions.
Despite the scale of the global insurance industry, which writes more than $5.5 trillion in annual premiums, most natural, man-made and emerging risks remain unfunded or underinsured. This underinsurance challenge is hindered by the legacy systems and technologies that dominate established insurance providers.
The key attributes of the Bitfury and Risk Cooperative partnership are to enhance trust, transparency, efficiency and security in the origination, underwriting, quoting and transfer of insurable risk by implementing holistic solutions based on Exonum framework.
Bitfury and Risk Cooperative believe that Blockchain is a foundational technology in designing new levels of access that can help improve insurance company risk appetite, customer proximity and trust. Additionally, the partnership will serve as a catalyst to established industry players helping them overcome organizational and cultural apprehension to Blockchain by serving as an implementing partner and advisor.See next case