Secure exposure management and exchange platform enables bi-directional exposure data transfer between re/ insurance participants
DUBLIN, Ireland, September 10, 2018.
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.”
Piprate is the leading blockchain-based data exchange platform for the insurance industry, enabling the secure transfer of data between parties. Founded by Stan Nazarenko, an insurance industry expert with over 20 years’ experience in emerging technologies, Piprate aims to re-establish trust in data for the insurance industry. Piprate is an active supporter of InsurTech Ireland, part of the Global InsurTech Alliance. Learn more at Piprate.com.
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Ireland, Singapore, the United Kingdom, Switzerland and the United States.
TigerRisk Partners is a leading risk, capital and strategic advisor to the insurance and reinsurance industries founded in 2008 by Jim Stanard, founder and former CEO of RenaissanceRe, and Rod Fox, former CEO of the U.S. operations of Benfield. TigerRisk Capital Markets & Advisory (TCMA), a broker dealer registered with the U.S. Securities and Exchange Commission, a member of FINRA and a member of SIPC, is a wholly owned subsidiary providing clients strategic advice on mergers, acquisitions, capital markets products and transactions. Headquartered in Stamford, CT., TigerRisk has offices in New York, Bermuda, London, Hong Kong, Minneapolis, Chicago and Raleigh. For more information visit TigerRisk.com.
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