Synechron Inc., a digital, business consulting and technology services provider, has announced two innovation awards from the global provider of insurance data standards ‘ACORD’, in recognition for its blockchain claims application and MyPossessions App for micro-insurance for policy innovation.

Synechron was awarded for its application of blockchain to address the complex claims and contract management process for insurers. Synechron helps firms utilize blockchain to record and validate policy contracts and claims and thus provides much-needed efficiency, transparency, and security, the release said.

“At Synechron, we’re always evaluating how new technologies such as blockchain can be applied to solve the numerous and complex challenges of the insurance industry. We are so pleased to be recognized by ACORD for our work in leveraging ACORD standards to solve real-world insurance problems,” Ashish Nangla, Senior Director of the Insurance Practice at Synechron said.

In addition to this, ACORD recognized Synechron’s MyPosessions App, which is a breakthrough development in micro-insurance using ACORD P&C XML Standards. This app allows end-users to create an inventory of their valued belongings and insure them as needed, with clear views into their possessions, valuations, policies, claims articles and account information.

“Synechron has been a member of ACORD for three years and we are pleased to see them implementing our Standards with more cutting edge technologies. The exploration of new solutions is key to solving legacy challenges, and this integration is a step forward in driving greater business value for insurers while setting new technology goals for the industry,” Marcia Berner, Director of Property & Casualty at ACORD stated.