B3i to Lead New ACORD Standards Project Group as Co-Chair to Develop Blockchain
Adoption Standards for Insurance Industry
B3i Services AG announced at its first membership Community Conference in
Amsterdam that it will jointly chair a new ACORD Standards Project Group. The
initiative is designed to review and propose common standards for the adoption of
Blockchain capabilities by the Insurance industry.
The global adoption of data and protocol standards will enable the insurance
market to benefit from maximum interoperability between Distributed Ledger
Technology (DLT) applications and networks. Leveraging this potential creates the
foundation for a DLT native, digital Insurance industry. B3i is very happy to take a
lead role in this initiative and to co-chair this group with RiskBlock Alliance.
We expect this group to act as a catalyst for the global adoption of standards across
Bill Pieroni, President and CEO of ACORD said “Blockchain has been a great trigger for
a new wave of collaboration in the industry and aligns to ACORD’s core mission. We are
very pleased that globally all major blockchain initiatives are built around ACORD
Standards. We are excited that B3i together with other market participants will be
working with us to develop clear, actionable standards around this revolutionary
Commenting on this industry wide collaboration, Susan Joseph, North America
Representative for B3i, said “By co-chairing this group, B3i is committed to working
with the industry to create standards that will allow for easy adoption. We are delighted
that ACORD is picking up the mantle and moving forward to promote innovation in
B3i leads the global development of Blockchain in Insurance to provide more
fluidity in risk transfer and remove friction and inefficiency in handling transactions.