Consortium R3 has partnered with Acord (Association for Cooperative Operations Research and Development) to launch a virtual “centre of excellence” for distributed ledger technology (DLT) in the insurance industry.

R3 counts a number of insurance companies amongst its member base, including MetLife, AIA and Suncorp Group, as well as other financial services members that have their own insurance groups. Acord is a non-profit organisation that provides data standards and implementation solutions.

The centre will be used to research, experiment and design DLT applications that “improve the efficiency of insurance processes” such as claims handling and data management.

David Rutter, CEO of R3, says it is building DLT for “use across the financial services industry, of which the insurance sector is a key component” and there is “huge potential for insurers to leverage this technology to overhaul outdated systems”.

Acord’s members will get 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.

R3 will also provide Acord with education for C-suite, management and technology communities. Acord can invite regulators and supervisory bodies into projects being carried out within the centre.