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.