Synechron Wins Global Insurance Industry Innovation Award for Blockchain

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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.

“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.”

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.

“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. 

Richard Kastelein

About Richard Kastelein

Founder, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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