Global insurers Everledger has announced the collaborative launch of the Diamond Risk Platform with the Diamond Durability Laboratory (DDL), which looks to ‘shift the risk assessment reporting of diamond damage into an innovative realm’.
An industry-first, with development commencing in 2016 and completed in Q1 2018, the Diamond Risk Platform performs the creation, management and storage of DDL’s comprehensive risk assessment reports through Everledger’s blockchain-based solution.
This directly benefits diamond manufacturers as well as diamond underwriting services that major insurers provide for the industry.
Everledger founder and CEO Leanne Kemp said, “We are proud to be able to extend our innovative solution to further facilitate risk mitigation in the diamond industry through another stakeholder channel. Working with key industry leaders like DDL is vital for the collective innovation shift of the industry and we are pleased to consistently play a role in driving this progression for the diamond industry.
“The convergence of our technology platform with DDL’s proprietary advanced technology in achieving interoperability is a massive step in the service enhancement for the industry, in particular the high-end diamond insurers.”
DDL co-founder and chief scientist Dr. Daniel Howell added: “DDL are the only processing risk assessors that are pushing forward the professionalism and integrity of this business. Offering our services in both New York and Antwerp, it is vital for us to ensure the integrity of the risk evaluation pipeline, from our lab to the manufacturers, through to the insurance brokers and underwriters. We are proud to be partnering with Everledger, as they are leading the diamond industry towards transparent and secure business practices.”
At present DDL’s Diamond Risk Evaluations, reports used for obtaining processing insurance, are being issued and managed through Everledger’s Diamond Risk platform. A new to the industry Consignment Report, which documents the condition of a diamond prior to being released on consignment, is in development and will be hosted on the platform by the end of the year.
The reports encrypted on the platform are issued and then accessible to be viewed by relevant parties through an application as well as a website.
Securing the reports on the blockchain ensures a single source of verified reports for the relevant stakeholders, developed in a time-efficient and authenticated manner.
The platform is now available with the issuance of new reports already commenced.