Use of Internet Explorer 6/7/8

You are using an old version of the Internet Explorer that is no longer supported. Please use a newer browser version. If you are missing the rights to do so, you can also enhance your Internet Explorer by installing the add-on called Google Chrome Frame. The extension allows you to display web pages that are no longer support by Internet Explorer. You can download the add-on here.


Business, Technology,
Methodology- Expertise³

Blockchain technology revolutionizes the accounting process for reinsurance companies - processing takes only seconds

29/01/2019

Cologne, 29 January 2019 - ConVista Consulting AG and its subsidiary Faktor Zehn GmbH are participating in the development of the Reinsurance Technical Accounting Blockchain - RITA for short. RITA is being developed to enable the exchange of accounting data within seconds, more securely and more efficiently, and is particularly useful for reinsurance companies.


Until recently, the process has taken weeks or months, as the accounting has been managed without a cross-company system, which has caused enormous manual effort. The unavoidable media breaks make the process susceptible to errors. With RITA, on the other hand, invoices can be sent seamlessly and in real time.

Blockchain technology enables all participants in a network to create a common database without a central operator. RITA relies on the distributed ledger - the technology of distributed cash books – while taking advantage of the blockchain. All participants are authenticated and data can only be viewed transaction-based.

RITA is currently in test operation; interfaces to common reinsurance systems such as ProRis or SAP FS-RI are already available. The platform was established by the consulting companies Consurance and Inveos, long-standing partners of ConVista.

Roadshows are planned for spring in Düsseldorf, Hanover, Munich and Zurich. More information about RITA can be found at www.ritablock.com.