B3i was established in 2018 as a market-owned venture to build, operate and govern a peer-to-peer business network and to build distributed applications for its users. These applications run on the network and enable P2P transactions between them, representing fully digitised contracts and business processes.
By creating an insurance network ecosystem, B3i’s vision is to see the insurance market deliver better solutions for end consumers through faster access to insurance and less administrative burden.
Through acting together with the market, B3i sees a unique opportunity to optimise and automate processes, in turn generating significant savings in time and cost that cannot be achieved by market participants acting alone. Its core objective is to collaborate with the market to bring these benefits driven by a philosophy which it calls “by the market, for the market”.
Switzerland-based B3i’s first application is a smart contract for natural catastrophe reinsurance to make the risk transfer process more integrated and eliminate manual error-prone interventions. In developing its Catastrophe Excess of Loss solution, the company expects to minimise or even eliminate time-consuming reconciliations which reduces errors and saves significant cost.
B3i’s next area of focus is commercial insurance and, similar to the reinsurance application, the risk transfer process between large industrial firms and commercial insurers will benefit from a distributed ledger technology-enabled process by introducing standardisation, integration and automation.
Headquarters: Zurich, Switzerland