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ACORD Solutions Group Inc. has launched its real-time premium accounting reconciliation ADEPT platform, with the first data exchanged by Aon PLC and insurer Zurich North America, ACORD said in a statement Wednesday.
The system utilizes blockchain-based technology to verify payment information by structuring, translating and validating data in real time.
ACORD, the Association for Cooperative Operations Research and Development, the standards-setting body for the global insurance industry, said the ADEPT-ACORD Data Exchange Platform and Translator was developed working with insurance industry stakeholders and singled out Aon and Zurich for “leading the way in defining and implementing this technology,” according to Bijesh Jacob, senior vice president of technology and standards for ACORD.
“This technology will change the way we do business, boosting efficiency for insurance carriers and brokers all while protecting the integrity of the data,” Joe Propati, chief operating officer for North America with Aon, said in the statement.
NEW YORK — Distributed ledger technology, widely known as blockchain, is making inroads into the insurance sector, according to a panel of speakers at the Risk & Insurance Management Society Inc.’s Risktech Forum in New York on Monday.