The Blockchain Insurance Industry Initiative (B3i) has announced that it will jointly chair a new ACORD project group designed to propose common standards for the adoption of blockchain technology in the re/insurance industry.
Led by B3i and RiskBlock Alliance, the initiative will support the adoption of data and protocol standards to help re/insurers benefit from the capabilities afforded by Distributed Ledger Technology (DLT), applications and networks.
“Blockchain has been a great trigger for a new wave of collaboration in the industry and aligns to ACORD’s core mission,” said Bill Pieroni, President and Chief Executive Officer (CEO) of ACORD.
“We are very pleased that globally all major blockchain initiatives are built around ACORD standards,” Pieroni continued. “We are excited that B3i together with other market participants will be working with us to develop clear, actionable standards around this revolutionary technology.”
Susan Joseph, North America Representative for B3i, also commented: “By co-chairing this group, B3i is committed to working with the industry to create standards that will allow for easy adoption. We are delighted that ACORD is picking up the mantle and moving forward to promote innovation in Insurance.”
Formed in 2016, B3i is a collaboration of insurers and reinsurers aiming to explore the potential for leveraging blockchain technology to provide more ﬂuidity in risk transfer and remove friction and ineﬃciency in handling transactions.
The organisation stated that it expects the new ACORD group to act as a catalyst for the adoption of blockchain standards and to support the transition to a DLT native, digital re/insurance industry.