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BlockRe, experts on cryptoasset risk mitigation, blockchain, security, and insurance has announced the launch of a comprehensive underwriting and risk assessment tool designed to aid in the issuing of insurance policies in the cryptoasset and blockchain space.

This solution is one of the only comprehensive third-party risk assessment tools for cryptoassets and blockchain systems currently available in the world today. Created in July, 2018, the tool has been continuously refined to cover nearly 500 points across 18 categories to meet the needs of AM Best A and A+ carriers globally.

BlockRe has been in operations for 15 months and closed a pre-seed round in May 2018 backed by VentureOne, RenGen, Plug ‘n Play, and Vy Capital.

The BlockRe team has been tracking known loss events and capturing multiple data points for each to validate its underwriting framework. The combination of BlockRe’s underwriting tool, comprehensive data collection, and industry partnerships has allowed the firm to complete a proprietary actuary analysis to support pricing for crypto assets—creating one of the few actuarial models in the world built on crypto loss event data.

To that end, BlockRe is planning on releasing a subset of its robust data and analysis on its website in the next several weeks to provide a centralized listing of loss events to-date, for the purpose of providing greater transparency and understanding of risk in the cryptoasset space. In addition to providing for enhanced risk modeling and underwriting, this data will allow investors, regulators, infrastructure providers, and other participants in the cryptoasset space to be better educated on the risks in this new asset class. This will be a watershed moment for the cryptoasset insurance industry as a whole, as such a data block—and corresponding analysis—does not currently exist in the space.

BlockRe President Raymond Zenkich says, “We are excited to see the insurance market responding positively to the underwriting infrastructure we have put in place.”

Source: CryptoNinjas.net


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