PEARL RIVER, NY, November 5, 2020—ACORD Solutions Group (ASG), the industry-owned extension of global insurance standards-setting body ACORD, is featured in a new report released today by Trade Finance Global (TFG) and World Trade Organization (WTO). The report, “Blockchain & DLT in Trade: Where Do We Stand,” highlights ASG’s ACORD Data Exchange Platform & Translator (ADEPT) as a critical international trade project leveraging distributed ledger technology.
This new publication, authored by WTO’s Emmanuelle Ganne and TFG’s Deepesh Patel, updates the original “periodic table” launched in November 2019 by the ICC, WTO and TFG at the WTO Global Trade & Blockchain Forum. It maps 44 projects related to trade finance, insurance, KYC, shipping/logistics and supply chain, digitization of trade documents and digitalization of trade processes, as well as other projects such as marketplaces. The study highlights the stage of development of the various projects and their underlying technology.
The report describes ADEPT as a platform for real-time data exchange, translation, and transformation, linking trading partners, and providing data structure, validation, and reconciliation. Built by ASG on top of DLT infrastructure, ADEPT enables effective and secure information exchange, comparison and validation across the entire insurance value chain. Functional applications include claims, placing, premium accounting reconciliation, and other insurance processes across all major lines of business.
Using a subscription-based SaaS business model, ADEPT has attracted participation from a variety of leading carriers, reinsurers, and brokers. The platform is global in scope, offering a secure, decentralized storage and access service which is accessible via API as well as its own portal.
“ADEPT provides an industry-owned platform to enable a secure, digital data exchange capability across the global insurance industry,” said Bill Pieroni, President and CEO of ACORD. “We are very honored to be recognized by the WTO and TFG for this solution, and thank these organizations for highlighting the critical role of insurance in facilitating global trade.”
The study was published at Hong Kong Fintech Week and is available to download here: https://www.tradefinanceglobal.com/blockchain/.