Bermudian reinsurer RenaissanceRe has been working with insurtech firm Piprate and broker Tiger Risk Partners on a data-sharing platform based on blockchain technology.
Irish company Piprate said today that it successfully completed its first commercial proof of concept of the data exchange platform, providing exposure management and exchange capability to RenaissanceRe and TigerRisk Partners.
Piprate said: “Data sharing is critical to the $5 trillion global insurance industry, but established solutions are inefficient and insecure, with no way to establish the provenance of shared data.
“Using cutting-edge blockchain technology and a proprietary data model, Piprate’s solution offers a highly secure and efficient means of sharing data, with trust and transparency built in from the ground up.”
Stan Nazarenko, Piprate’s founder and chief executive officer, said: “Piprate aims to provide the re/insurance industry with the most comprehensive data platform, helping brokers, carriers, reinsurers and other market participants to directly interact with each other in a secure and trusted way.
“Our successful POC with RenaissanceRe and TigerRisk both validates our approach and has also provided valuable insights to help us continue to evolve the platform.”
The focus of the POC was the provision of a means for secure, bidirectional exposure data transfer between members of the client consortium. Key to the project were limiting data access to those involved in a sharing transaction and creating an immutable chain of provenance for all shared data.
Ian Branagan, chief risk officer at RenRe, said: “This initial proof of concept demonstrated Piprate’s ability to deliver secure bidirectional exposure exchange with provenance tracking — an essential foundation for an industry exposure exchange and management ecosystem aimed at significantly improving data security and operational efficiency.”
Tom Daly, chief technology officer of TigerRisk, said: “The Piprate platform stands out for its ability to apply cutting edge technologies to a very real business problem, while simultaneously offering enterprise-grade capabilities that the re/insurance industries demand.”