Financial technology company R3 and information non-profit Association for Cooperative Operations Research and Development (ACORD) are working together to launch a centre of excellence for distributed ledger technology, also known as blockchain, to benefit the global insurance industry.
The centre will provide members of both organizations a dedicated environment to research, design and experiment with distributed ledger technology applications which have great potential to make insurance processes such as claims handling and data management more efficient.
Want the latest insurance industry news first? Sign up for our completely free newsletter service now
“R3 is building distributed ledger technology for use across the financial services industry, of which the insurance sector is a key component,” said David Rutter, CEO of R3. “There is huge potential for insurers to leverage this technology to overhaul outdated systems used for processes such as premium payments and claims handling.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.”
R3 has several major insurance companies in its members list, such as MetLife
, AIA and Suncorp Group, along with numerous other financial services firms. Meanwhile, ACORD is a non-profit organisation that seeks to come up with data standards and implementation solutions for the insurance industry.
Blockchain could revolutionise China’s insurance sector, says former regulator
What the future of insurance looks like
Global reinsurer completes blockchain technology tests