TigerRisk Partners has become the first insurance broker to join R3 and ACORD’s, Association for Cooperative Operations Research and Development, insurance industry Centre of Excellence for Distributed Ledger Technology/blockchain.
The Centre of Excellence was launched to provide a dedicated environment for both R3 and ACORD members to research and experiment with the use of DLT technology in re/insurance processes.
David Rutter, Chief Executive Officer (CEO) of R3, welcomed TigerRisk to the growing network of insurance members; “The discussions and collaborative work taking place in the Centre of Excellence inform the continued development of our Corda distributed ledger platform, enabling us to build functionality and features that address the specific challenges facing companies in the insurance and reinsurance industries.”
Major insurers who have joined the collaborative venture include MetLife, AIA and Suncorp Group, as well as other financial services members that have their own insurance groups.
Jayant Khadilar, Global Head of Analytics and Technology at TigerRisk, commented; “We are excited to be part of R3’s Center of Excellence. We believe that DLT/blockchain technology will bring significant efficiencies to our industry.
“This technology has already introduced frictionless processing to the banking industry and we are confident that we will be able to bring similar benefits to the insurance and reinsurance industries.”
Joining the centre allows TigerRisk access to the R3 Wiki, a vast database of online knowledge that compiles R3 members’ research and resources.
The Wiki includes a dedicated portal for members to discuss the use of DLT in re/insurance.