B3i to Lead New ACORD Standards Project Group as Co-Chair
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 the industry.
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 technology.”
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 Insurance.”
B3i leads the global development of Blockchain in Insurance to provide more ﬂuidity in risk transfer and remove friction and ineﬃciency in handling transactions.