Since its launch in 2016, the Blockchain Insurance Industry Initiative B3i has gained broad attention across the industry. Ten additional insurance and reinsurance companies have now joined, giving the initiative a truly global scope.
The 15 current members of B3i, Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, MunichRe, RGA, SCOR, Sompo Japan Nipponkoa Insurance,SwissRe, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group, cover Asia, Europe and the Americas.
“It shows that we’re on track with our ambition and that we have the critical mass to succeed.”
Pilot transactions between members
In a collaborative effort, members of the B3i initiative will explore the ability of distributed ledger technologies to increase efficiencies in the exchange of data between reinsurance and insurance companies.
In order to realize a proof of concept, the participating members will implement a pilot project aimed at transacting reinsurance contracts amongst each other.
If Blockchain technology proves to be a viable tool, it could transform the insurance industry through a shared, transparent record of contract-related information. Streamlining communication and transactions would subsequently improve industry processes and provide better insurance services to customers.
The Blockchain Insurance Industry Initiative B3i intends to share first results in June 2017.