Blockchain initiative B3i cooperates with RiskBlock Alliance
B3i, the blockchain insurance industry initiative, is cooperating with RiskBlock Alliance in the development and setting of data standards for the insurance industry.
“That’s a good example of working together rather than against each other,” said Paul Meeusen, CEO of B3i, during a Nov. 15 industry event in Amsterdam.
B3i has been incorporated in Zurich in March 2018 to explore the potential of using distributed ledger technologies within the re/insurance industry.
Founding shareholders are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Tokio Marine, XL Catlin and Zurich Insurance Group.
US-based RiskBlock Alliance is a global blockchain consortium representing 31 risk management and insurance companies.
“RiskBlock Alliance and B3i are going to work together to head up a working group to establish standards for blockchain based on ACORD,” Meeusen said.
ACORD is the global standards-setting body for the insurance industry and aims to create standards and roadmaps that insurance companies can use to effectively implement blockchain technology to create cost efficiencies and deliver a superior customer experience.
The project group is set to bring together early blockchain adopters and leaders in insurance blockchain to develop standards for the application of blockchain capabilities by the insurance industry. RiskBlock Alliance will co-chair the group with industry initiative B3i.
Standards will focus on data formats and interfaces to be used in blockchain-based transactions. They will also be aligned with existing and future ACORD standards which address other technologies requiring shared input and access, such as telematics and Internet of Things applications.
Susan Joseph, who is going to co-chair the working group representing B3i, said: “The idea is to set blockchain data standards with ACORD to facilitated adoption of the technology by insurers”.
There are a lot of different ways to look at data and nobody wants any silos, Joseph explained.
“If I have a green plant and you have a plant that is green, these are two different ways of looking at the same data,” Joseph said. “You have to attempt to decipher it in a way that it becomes homogenous or you have to spend a lot of time translating,” she added.
The blockchain technology by its nature encourages networks, and for these to be effective they really need to interoperate at a fundamental level and across the market, she said.
The shared standards will allow data to be transferred between different networks.
“This is the first opportunity that we have to really collaborate to try to move things forward for the industry from a perspective that really will help,” Joseph said.
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