R3, a NYC-based distributed ledger (a/k/a blockchain) technology company, is an important player in the world of blockchain and early on determined that in order to adopt this new technology, they would have to have buy-in and participation from the banking and investment community. To date, Wikipedia states they have over 70 members signed on worldwide, including BNY Mellon, Bank of America, Wells Fargo and Citi in the US to name just a few. They’ve now extended their directive to include the insurance sector and have partnered with an association to extend their directive.
“Consortium R3 has partnered with Acord (Association for Cooperative Operations Research and Development) to launch a virtual “centre of excellence” for distributed ledger technology (DLT) in the insurance industry.
R3 counts a number of insurance companies amongst its member base, including MetLife, AIA and Suncorp Group, as well as other financial services members that have their own insurance groups. Acord is a non-profit organisation that provides data standards and implementation solutions.
The centre will be used to research, experiment and design DLT applications that “improve the efficiency of insurance processes” such as claims handling and data management.
David Rutter, CEO of R3, says it is building DLT for “use across the financial services industry, of which the insurance sector is a key component”…
Source: Banking Technology