The Institutes RiskBlock Alliance, a global blockchain consortium representing 31 risk management and insurance companies, announced today that it will co-chair ACORD’s new Blockchain Standards Project Group, which will bring together early blockchain adopters and leaders in insurance blockchain to develop standards for the application of blockchain capabilities by the insurance industry.
Established by ACORD, the global standards-setting body for the insurance industry, the group will create standards and roadmaps that insurance companies can use to effectively implement blockchain technology to create cost efficiencies and deliver a superior customer experience. Standards will focus on data formats and interfaces to be used in blockchain-based transactions. They will also be aligned with existing and future ACORD standards which address other technologies requiring shared input and access, such as telematics and Internet of Things applications. RiskBlock Alliance will co-chair the group with industry initiative B3i.
“Insurance companies are eager to leverage the benefits that blockchain can bring to their business but still need standards and guidelines to support implementation,” said Christopher McDaniel, president of the RiskBlock Alliance. “We will work closely with ACORD and this new working group to advance the adoption of these powerful capabilities across the insurance industry.”
The RiskBlock Alliance plans to employ the new standards for all transactions conducted on Canopy, the industry’s first end-to-end reusable blockchain framework and a key component of the RiskBlock Alliance.
“Blockchain has been a catalyst for a new wave of collaboration and cooperation among industry stakeholders,” said Bill Pieroni, President and CEO of ACORD. “This is also ACORD’s mission, so we’re pleased that all the major blockchain initiatives are built around ACORD standards. We’re excited that RiskBlock Alliance will be working with us to develop clear, actionable standards around this revolutionary technology.”
The Blockchain Standards Project Group is open to all interested ACORD members and associations. To participate, please visit acord.org/contribute.
More information is available at TheInstitutes.org/RiskBlock.
About The Institutes RiskBlock Alliance
The Institutes RiskBlock™ Alliance is the risk management and insurance industry’s first enterprise-level blockchain consortium that brings together industry experts and developers to advance insurance-specific use cases via Canopy, RiskBlock's interoperable blockchain architecture. The RiskBlock Alliance is committed to equipping organizations to work together to inspire product innovation, enable efficiencies and open new technological frontiers. Learn more at TheInstitutes.org/RiskBlock.