B3i runs hackathon stress test with brokers, insurers and reinsurers
Blockchain insurance initiative B3i successfully stress tested its Property Catastrophe Excess of Loss Reinsurance application recently with a hackathon in Zurich, Switzerland.
Clients including brokers, insurers and reinsurers were invited to test a live version of the application with real life scenarios. The idea was to enable B3i to identify bugs, and gain feedback on features, material workflow practicalities and user interface, ahead of its release in the fourth quarter in 2019 in time for the year-end renewal cycle.
Sylvain De Crom, B3i’s chief product officer, said: “Putting the application in people’s hands, hearing their feedback and seeing their positive reaction is very rewarding and gratifying knowing how hard the team worked to achieve this milestone.
“I heard a great example from one of our clients who said that the B3i team has made a lot of progress. The application they tested showed a high level of professionalism, user experience is clear, and the embedded process is intuitive and close to real life.”
Antonio Di Marzo, B3i’s product owner (reinsurance and commercial), added: “Working in this collaborative way with our market wide testing group has helped us to ensure the application is fit for purpose and user friendly.
“Feedback on features has helped us align the product with customer requirements, ensuring benefits can be derived immediately.”
During the hackathon, 1,597 unique interactions were executed over the network, 564 transactions were notarised, and 270 contracts created. In just four hours attendees generated 1,033 messages during the negotiation process, which led to 41 contracts being signed via the application.
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