Insurance Biz Will Underwrite Center of Excellence

Announcements, Blockchain, FinTech | April 14, 2017 By:

The global insurance industry will soon have its own Center of Excellence for distributed ledger technology if plans come to fruition by two organizations.

Financial innovation firm R3 has partnered with Association for Cooperative Operations Research and Development (ACORD) to create the proposed Center of Excellence. The aim of the partnership is to facilitate the creation of DLT applications that improve the efficiency of such processes as claims handling and data management.

The partnership will provide access for Acord members to research, experiment and design DLT applications. The center will also provide access for the insurance companies among R3’s member base, which includes such international operations as Suncorp, AIA and MetLife.

“We are excited to partner with R3 to create the DLT Centre of Excellence for the global insurance industry,” ACORD president and CEO Bill Pieroni. “It gives ACORD’s members the opportunity to learn from other financial sectors, leveraging the knowledge to reduce time, cost, and risk associated with proof-of-concepts and pilots. Likewise, the work carried out by ACORD and R3 will benefit R3’s member base as a whole. ACORD looks forward to working together to strategically position the industry for change.”

“R3 is building distributed ledger technology for use across the financial services industry, of which the insurance sector is a key component,” said R3 CEO David Rutter. “There is huge potential for insurers to leverage this technology to overhaul outdated systems used for processes such as premium payments and claims handling. We have been steadily growing our member base in this sector, and our partnership with ACORD will now provide these institutions and the industry as a whole with the tools and network to foster knowledge sharing and experimentation.”