TigerRisk Partners has become the first insurance broker/advisor to join R3's Centre of Excellence for distributed ledger technology (DLT) in the insurance and reinsurance industries, which it runs in partnership with ACORD (Association for Cooperative Operations Research and Development).
The Centre of Excellence was launched earlier in 2017 to provide a dedicated environment for both R3's members and ACORD's members to research, experiment and design DLT applications that improve the efficiency of insurance processes such as claims handling and data management.
TigerRisk will gain access to the R3 Wiki, an online knowledge library that contains a collection of research and resources created and compiled by R3 and its members. A dedicated portal has been built on the Wiki specifically for insurance projects, enabling members to engage in discussion on DLT and insurance-related topics.
In addition to TigerRisk, R3 counts a number of other major insurance industry companies among its member base, including MetLife, AIA and Suncorp Group, as well as other financial services members that have their own insurance groups.
David Rutter, CEO of R3, comments: "We are pleased to welcome TigerRisk to our growing network of insurance members. The discussions and collaborative work taking place in the Centre of Excellence inform the continued development of our Corda distributed ledger platform, enabling us to build functionality and features that address the specific challenges facing companies in the insurance and reinsurance industries."
Jayant Khadilar, Global Head of Analytics and Technology at TigerRisk, comments: "We are excited to be part of R3's Center of Excellence. We believe that DLT/blockchain technology will bring significant efficiencies to our industry. This technology has already introduced frictionless processing to the banking industry and we are confident that we will be able to bring similar benefits to the insurance and reinsurance industries."