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.”
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.