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April 17, 2017updated 18 May 2017 9:50am

R3, ACORD partner to launch blockchain innovation hub for insurance industry

By Douglas Blakey

Financial innovation firm R3 and Association for Cooperative Operations Research and Development (ACORD) have formed a partnership to launch a Centre of Excellence for blockchain in the insurance industry.

The centre will research, experiment and design distributed ledger technology (DLT) applications to enhance the efficiency of insurance processes, including claims handling and data management.

As part of the collaboration, R3 will educate ACORD’s C-suite, management and technology communities on the benefits of blockchain and provide access to the R3 Wiki, an online library that contains a collection of research and resources.

R3 CEO David Rutter said: “R3 is building distributed ledger technology for use across the financial services industry, of which the insurance sector is a key component. There is huge potential for insurers to leverage this technology to overhaul outdated systems used for processes such as premium payments and claims handling.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.”

ACORD president and CEO Bill Pieroni said: “We are excited to partner with R3 to create the DLT Centre of Excellence for the global insurance industry. 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.”

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