The first cryptoasset insurance company in the world, BlockRe announced the launch of its first ever comprehensive underwriting and risk assessment tool in the world. The tool will help in the issuing of insurance policies in the blockchain and cryptoasset space. The BlockRe tool is the only comprehensive third-party risk assessment tool for blockchain systems and cryptoassets available to the world at the moment.
Helping the Crypto Sector via Robust Tools
BlockRe created the tool in July 2018. It has since been refined to cover 500 points spread across 18 categories to meet AM Best A and A+ carrier needs. The issuers have worked extensively to track the known loss events and capture multiple data points to validate the underwriting framework. The combination of the leading underwriting tool and its data collection, coupled with industry partnerships have helped in creating a more robust analysis of risk to support pricing for digital assets.
The proprietary actuary analysis that supports the prices of digital assets is one of the few actuaries’ models in the world that depend on crypto loss event data. BlockRe is also planning to release a subset of its robust data and analysis in the upcoming weeks on its website. It will help in providing a centralized listing of loss events to-date, which will help in bringing greater transparency to the system and aid all participants in understanding the risks of the digital currency sector.
Data-driven Growth of Digital Assets
Apart from helping create more transparent models for understanding and managing risks and creating more informed underwriting tools, the data is designed to help investors, infrastructure providers, regulators and all other stakeholders of the crypto industry “to be better educated on the risks” that this new asset class poses.
The company states that the data provided by them will be a watershed moment for the crypto industry as a whole as it will provide data blocks along with corresponding analysis that doesn’t currently exist in the space.
Raymond Zenkich, president of BlockRe, noted:
“We are excited to see the insurance market responding positively to the underwriting infrastructure we have put in place.”
Zenkich will go on a two-day press tour to New York City, on 27th and 28th November and will discuss the future of BlockRe. The company’s team will also be available at the Consensus Invest event on 27th.