The Institutes RiskStream CollaborativeTM to Lead New ACORD Standards Project Group to Develop Blockchain Adoption Standards for Insurance Industry
New standards and guidelines will help the insurance industry consistently leverage blockchain technology to improve the customer experience.
MALVERN, Pa., November 7, 2018—The Institutes RiskStream CollaborativeTM, 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. RiskStream Collaborative 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 RiskStream Collaborative. “We will work closely with ACORD and this new working group to advance the adoption of these powerful capabilities across the insurance industry.
The RiskStream Collaborative 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 RiskStream Collaborative.
"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 RiskStream Collaborative 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.
ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance and related financial services industries. ACORD facilitates fast, accurate data exchange and efficient workflows through the development of electronic standards, standardized forms and tools to support their use. ACORD members worldwide include hundreds of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations, and industry associations. ACORD maintains offices in New York and London. Learn more at www.acord.org.