Recognized by leading industry standards association for blockchain claims application and MyPossessions App for micro-insurance for policy innovation
Synechron Inc., a global financial services consulting and technology services provider, today announced two innovation awards from ACORD, the global provider of insurance data standards, in recognition of the firm’s innovative work in blockchain and micro-insurance.
The 2017 ACORD Leadership Awards recognize innovative implementations of ACORD Standards in ways that dramatically improve business process and performance. ACORD honored Synechron’s work in applying blockchain to address the complex claims and contract management process for insurers. Insurance firms grapple with the multifaceted and manual contract and claims process as well as the ever-increasing threat from fraud. In order to make this more transparent and efficient, Synechron helps firms utilize blockchain to record and validate policy contracts and claims, thereby unlocking much-needed efficiency, transparency and security. The use of Ethereum and ACORD XML Standards created significant business value, including increasing revenues, reducing costs, managing risk, and fostering increased client loyalty.
“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," said Marcia Berner, Director of Property & Casualty at ACORD. “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.”
Also, ACORD recognized Synechron’s MyPosessions App, a breakthrough development in micro-insurance using ACORD P&C XML Standards that can be delivered in as little as 8 weeks. With the rapid growth in mobile technology and smartphones, insurers need to incorporate modern mobile technologies in their existing environments to keep up with technological transformation. Synechron’s MyPosessions 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. Through this innovative app, P&C insurance carriers can establish themselves on a mobile platform and gain valuable mindshare by reinforcing their brand and products.
“The insurance industry is under tremendous pressure to innovate with modern technology in a society where mobile-first has become the norm and challenges like fraud and inefficiency are driving the need for operational changes,” comments Ashish Nangla, Senior Director of the Insurance Practice at Synechron. “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.”
Synechron is a global consulting and technology organization providing innovative solutions to the financial services industry through its three main business focus areas: digital, business consulting, and technology. Based in New York, the company has 16 offices around the globe, with over 6,000 employees producing $400M in annual revenue.