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ACORD facilitates fast, accurate data exchange and more efficient workflows through the development of electronic standards, standardized forms, and tools to support their use.

BY THE NUMBERS

8000

Participating organizations

3M

Forms downloaded over 10 years

9M

Message transactions annually

LATEST NEWS

 
Sep 6, 2017

ACORD, EY Global Insurance Stakeholders Launch the First Standards-Based Insurance Blockchain Platform

ACORD Members Move Forward as New Solution Delivers Standardization, Transparency and Security

Pearl River, N.Y., September 6, 2017 – The insurance industry took a significant step forward today with the launch of the world’s first marine insurance blockchain platform. EY, Guardtime, and other industry participants developed the new blockchain platform, leveraging ACORD Standards and business processes. In addition, the platform utilizes first-of-a-kind capabilities to deliver value to ACORD members. 

The new solution enables standardization, transparency and security, while materially reducing costs and enhancing customer service levels. Maersk, MS Amlin, Willis Towers Watson, XL Catlin, Microsoft and ACORD Solutions Group are among the other stakeholders involved in developing and deploying the platform.

“This solution is truly unique given the depth and breadth of capabilities, and will have a significant impact across a wide range of insurance products and services,” said ACORD President and CEO Bill Pieroni. “The initial solution is focused on the $200 billion global marine industry and, given the use of ACORD assets, will be readily extended to additional lines of business and industries.”

 Insurance transactions are extremely complex impacting stakeholder productivity leading to lost time, efficiency and revenue. The new blockchain platform, based on ACORD assets, streamlines and automates marine insurance transactions. This straight-through processing capability results in superior experience and outcome in the marine insurance space.

“Redesigning the insurance process using blockchain is critical for the evolution of our industry. This initiative has the potential to streamline and simplify insurance contract administration using new technologies and industry data standards,” said Simon Gaffney, Chief Data Officer, Willis Global and Willis Limited. 

Shaun Crawford, EY Global Insurance Leader commented, “This is a critical first step to bring Blockchain’s transformational potential to reality. The proof-of-concept provides critical insights about the value of real-time data sharing and industry collaboration. We look forward to deploying the solution and driving increased transparency, security and standardization across the insurance value chain with the help of our partners.” 

About ACORD

ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit organization serving the insurance and related industries. ACORD facilitates fast, accurate data exchange, and efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD members worldwide include hundreds of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations. ACORD maintains offices in New York and London. Learn more at www.acord.org

RECENT LINKEDIN UPDATES

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Sponsorship opportunities for ACORD Connect are going fast! Don't miss the opportunity to build your organization’s visibility within the industry. To learn more contact sponsorship@acord.org 

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Congratulations to Protosure who will advance to the ACORD InsurTech Innovation Challenge Finals at ACORD Connect 2019 in October! Thank you to all of the semi-finalists who participated today and to Willis Towers Watson for hosting and sponsoring this event.

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The last round of the ACORD InsurTech Innovation Challenge Semi-Finals is happening today at Willis Towers Watson's NYC HQ. Stay tuned to see who advances to the finals in Boston this October!

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