TigerRisk joins R3 and ACORD blockchain/DLT venture

TigerRisk Partners, the reinsurance broking and risk/capital management firm, has joined R3 and the Association for Cooperative Operations Research and Development's (ACORD) distributed ledger (DLT)/ blockchain technology platform.

The Centre of Excellence was launched earlier this year 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, according to the statement.

"We are excited to be part of R3’s Center of Excellence," said Jayant Khadilar, global head of analytics and technology at TigerRisk. "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."

David Rutter, CEO of R3, commented: "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."

Insurers that have also joined the venture include MetLife, AIA and Suncorp Group.

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