The Bitfury Group, a full-service blockchain technology company, and Risk Cooperative, a risk, and insurance advisory firm, announced a strategic partnership to pioneer blockchain applications in the $60 billion insurance intermediation market.
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.
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 adviser.
Valery Vavilov, CEO of The Bitfury Group stated:
“Blockchain technology can bring transparency and security to the insurance industry, and can be a catalyst for new insurance business models. Risk Cooperative brings the very best in insurance industry expertise and vision for these new business opportunities, and we look forward to harnessing blockchain to take our ideas from concept to reality.”
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.
Dante Disparte, Risk Cooperative’s founder and CEO said:
“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.”