B3i wins ACORD award for leadership
Monday 6th November 2017 – B3i is pleased to announce that it was presented with a Special Leadership award at the ACORD 2017 conference held in Boston, USA from 24-26 October.
Through this award, ACORD has recognised the strong leadership displayed by B3i by seeking to improve market efficiency in negotiating and transacting re/insurance contracts using Blockchain technology. The use of this technology is very innovative and the award credits the way in which B3i as a group of insurers, brokers and reinsurers has been able to collaborate effectively to produce and test a state of the art application for the benefit of the whole market.
By using the globally accepted ACORD standards, B3i has been able to facilitate greater accuracy in data exchange and more efficient workflows in its application. These standards are a key foundation to ensuring consistence and compatible adoption of the B3i platform within the insurance community.
Regis Delayat, SCOR representative on the B3i steering committee received the award on behalf of the consortium and said “we are extremely privileged to accept this award. It is a testament to the quality and energy of our technical development team which has worked closely with the member company product specialists to create a market leading innovation for the insurance industry”.
B3i develops applications for the insurance market on distributed ledger (Blockchain) technology. Its core aim is to build efficient worldwide industry platforms for market participants to more easily cede, handle and trade risks.
The current application for transacting Property Catastrophe XOL reinsurance business on a smart contract enables users to increase efficiency by mitigating friction in the value chain. The anticipated benefits are reflected in both risk and administration cost reduction achieved through less manual reconciliation and higher process automation.
ACORD (Association for Cooperative Operations Research and Development), founded in 1970, is a global, nonprofit organization serving the insurance and related industries. ACORD facilitates fast, accurate data exchange and more efficient workflows through the development of electronic standards, standardized forms, and tools to support their use.
ACORD Awards are presented to those organizations and individuals who have demonstrated outstanding achievement in ACORD implementation during the past year. The ACORD Leadership Award is presented to an organization or an individual in each program demonstrating leadership in the areas of Standards development, advocacy, and/or implementation.
The Blockchain Insurance Industry Initiative (B3i) is a collaboration of insurers and reinsurers formed to explore the potential of using Distributed Ledger Technologies within the industry for the benefit of all stakeholders in the value chain. The 15 founding members of B3i are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual Insurance, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance, Swiss Re, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group. The group was joined by a further 23 insurers, brokers and reinsurers to engage with market testing of the prototype in October 2017.
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