ACORD Solutions Group Inc. has launched its ADEPT platform for real-time real-time accounting, with the first data exchanged by Aon PLC and the insurance company Zurich North America, ACORD said in a statement on Wednesday.
The system uses 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 standard setting body for the global insurance industry, stated that the ADEPT-ACORD Data Exchange Platform and Translator was developed in collaboration with insurance industry stakeholders and identified Aon and Zurich as the "leading way to define and implement it" technology, ”according to Bijesh Jacob, senior vice president of technology and standards for ACORD.
"This technology will change the way we do business, increasing the efficiency of insurance companies and brokers while protecting data protection," said Joe Propati, head of North America with Aon, in the statement. [1