Bitfury has formed a new partnership focused on the insurance intermediation market with a Washington, DC-based advisory firm.
The blockchain firm is working with Risk Cooperative to expand the tech's footprint in the insurance sector, with a particular focus on brokers and other intermediaries who sit between insurers and their customers.
Announced last week, the partnership will see Risk Cooperative leveraging its relationships in the insurance space as part of that bid to push for blockchain applications. According to its website, Risk Cooperative works with Aetna, one of the largest US health insurers.
Dante Disparte, Risk Cooperative's founder and CEO, sees the deal as positioning his firm as one of the "first movers" in this area, remarking:
"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 partnership represents the latest development at the intersection of insurance providers and blockchain tech.
Last week, insurance giant American International Group (AIG) and UK-based bank Standard Chartered announced the completion of a blockchain pilot focused on commercial insurance policies.
In April, a group of insurance firms announced that they had completed work on a blockchain trial in China.
Insurance image via Shutterstock