R3 and ACORD create centre of excellence
Blockchain consortium and industry body partner to develop distributed ledger technologies for the insurance space.
R3, a consortium of more than 80 financial firms and regulators that have pooled resources to develop Blockchain technology, has partnered with the Association for Cooperative Operations Research and Development (ACORD) to create a virtual centre of excellence for distributed ledger technology in the insurance sector.
The R3 consortium counts a number of insurance companies among its members. These include MetLife, AIA, and Suncorp Group. ACORD is a non-profit organisation tasked with the creation of standards and forms in the insurance industry in order to facilitate data exchanges and workflows.
The centre of excellence will provide facilities for members of R3 and ACORD to jointly work on the creation of distributed ledger technologies to improve the efficiency of claims handling and data management in insurance.
Under the terms of the partnership, R3 will educate ACORD’s C-Suite, management and technology communities on the benefits of blockchain, as well as providing access to the R3 wiki, an online library that collects research done by the consortium. ACORD will invite regulators and supervisory bodies into projects being developed by the centre.
R3 CEO David Rutter said that he believes distributed ledger technologies have the potential to make the insurance sector more efficient, allowing them to “overhaul outdated systems used for processes such as premium payments and claims handling.”
“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,” he added.