Insurance News

RiskBlock to chair ACORD standards project


Today The Institutes RiskBlock Alliance announced it will chair ACORD‘s new Blockchain Standards Project Group. RiskBlock is one of the major blockchain insurance consortia with 31 members.

“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 RiskBlock Alliance.

ACORD is the standards-setting body for the insurance sector. Most major insurance blockchain projects have a stated aim of adopting ACORD standards. The Blockchain Standards Project Group will draw up standards and roadmaps to aid insurers in implementing blockchain technologies.

“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 RiskBlock Alliance will be working with us to develop clear, actionable standards around this revolutionary technology.”

The project group will be open to all ACORD members and associations.

Six weeks ago RiskBlock launched its Canopy2 framework which includes a policy and claims blockchain. In the near future, it’s looking to launch its first major applications for Proof of Insurance and First Notice of Loss. Last month Ledger Insights spoke to Nationwide‘s Michael Fulton about the RiskBlock experience.

The other major consortium B3i is also gearing up to launch its first product a Catastrophe Excess of Loss reinsurance contract. But some blockchain insurance projects are already live. For example, EY and Guardtime launched a marine insurance project called Insurwave with Maersk as the first client. And Marsh has a live proof of insurance product developed with IBM.

RiskBlock, ACORD and Nationwide will be attending next week’s Blockchain and Insurance summit run by Hanson Wade in Philadelphia. For a 10% ticket discount quote code 9702LDGIN10.