Blockchain provider Bitfury and Risk Cooperative, a risk and insurance advisory firm, have announced a partnership. Its objective is to pioneer blockchain applications applicable to the $60 billion insurance intermediation market.
The Bitfury/Risk Cooperative partnership will leverage:
- Bitfury’s expertise in designing and implementing blockchain applications. Risk Cooperative has an insurance placement platform with a partnering model with the world’s leading insurers. The hope is this will spur adoption of blockchain solutions.
- Risk Cooperative’s insurance placement platform and partnering model with the world’s leading insurers.
Their hope is this will spur adoption of blockchain solutions.
According to Dante Disparte, Risk Cooperative’s founder and CEO: “With Bitfury as a strategic partner, combined with our commitment to innovation and improving resilience, we are confident that we can serve as first movers in driving Blockchain’s adoption across the entire 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 and Risk Cooperative partnership
The global insurance industry writes more than $5.5 trillion in annual premiums. Despite this most natural, man-made and emerging risks remain unfunded or underinsured. This underinsurance challenge is made no easier by the legacy systems and technologies which dominate established insurance providers.
The Bitfury and Risk Cooperative partnership seeks to enhance four areas in the origination, underwriting, quotiing and transfer of insurable risk. These are:
In this context, the partnership believes that blockchain is a foundation technology. It enables the design of new levels of access which will then improve insurance company risk appetite, customer proximity and trust.
Risk Cooperative is a specialized strategy, risk and insurance advisory firm licensed to originate, place and service innovative risk-transfer and insurance solutions in the USA and Puerto Rico. According to its website Risk Cooperative: “helps organizations address risk, readiness and resilience through a comprehensive service and solution offering, in partnership with leading insurance companies and value-adding partners.”
Bitfury develops and delivers both the software and the hardware solutions necessary for businesses, governments, organisations and individuals to move an asset securely across a blockchain. Bitfury believes blockchain technology: “can and will open new doors for global economic opportunity and prosperity. Its mission is to create and advance blockchain applications that will further promote innovation and the advancement of the peer-to peer economy.”
What does it mean
This Bitfury and Risk Cooperative partnership intends to serve as a catalyst for established insurance industry players to overcome the latters’ organizational and cultural apprehension (or even opposition) to blockchain solutions. By acting as an implementing partner and advisor, the partnership will show the way forward.
This matters for an industry which recognises that existing systems behave as a constraint when considering innovative technologies.