Secure exposure management and exchange platform enables bi-directional exposure data transfer between re/ insurance participants
Piprate, the leading blockchain-based data exchange platform for the insurance industry, has successfully completed its first commercial Proof of Concept (POC), providing secure exposure management and exchange capability to RenaissanceRe and TigerRisk Partners.
Data sharing is critical to the US$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.
“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,” says Piprate founder and CEO Stan Nazarenko.
“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, bi-directional 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.
“This initial proof of concept demonstrated Piprate’s ability to deliver secure bi-directional 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,” commented Ian Branagan, Group Chief Risk Officer and Senior Vice President at RenaissanceRe.
“We are constantly looking for ways to leverage emerging technologies to be more nimble and offer our partners greater transparency, trust and confidence in doing business with us,” said Tom Daly, CTO of TigerRisk. “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.”
Having completed the POC with RenaissanceRe and TigerRisk, Piprate will continue to develop the platform. Key focus areas include further exploration of integration with third party analytics providers and the platform’s proprietary knowledge graph.
“Working with leading re/ insurance innovators like RenaissanceRe and TigerRisk has been an invaluable opportunity,” commented Nazarenko. “We look forward to building on these and other industry relationships as the platform continues to evolve and grow.”