Risk management and capital solutions company TigerRisk has become the first insurance advisor to join R3’s Centre of Excellence for distributed ledger technology (DLT) in the global insurance and reinsurance industry.

The Centre of Excellence was launched earlier in April in partnership with ACORD (Association for Cooperative Operations Research and Development). The Centre aims to offer a dedicated setting for both the members of R3 blockchain consortium as well as ACORD’s members, to research, test and create blockchain applications.

“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,” David Rutter, CEO of R3, commented.

With the other members, TigerRisk will design DLT applications that enhance and foster the efficiency of insurance processes including claims handling and data management. The company will also gain access to R3 Wiki, which is an online knowledge library containing a collection of research and resources that are created and compiled by R3 and its members.

R3’s Centre of Excellence counts on a number of other major insurance industry companies that includes MetLife, AIA and Suncorp Group, as well as other financial services members that have their own insurance groups.

“We are excited to be part of R3’s Center of Excellence,” Jayant Khadilar, Global Head of Analytics and Technology at TigerRisk, stated. “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.”