Blockchain initiative B3i secures new funding from re/insurers; forms board of directors

The blockchain insurance industry initiative B3i has secured investment from three new re/insurers, alongside existing shareholders, in its latest funding round.

The new additions include Deutsche Rück, Mapfre Re and VIG Re, increasing the number of shareholders to 16.

B3i's founding shareholders are Achmea, Aegon, Ageas, Allianz, AXA, Generali, Hannover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Tokio Marine, and Zurich Insurance Group.

B3i is a collaborative initiative that came together in late 2016 to explore and test the potential of blockchain in the insurance industry. These solutions are expected to provide insurance companies with "substantial gains in both efficiency and security" by employing the latest technologies including R3 Corda's distributed ledger technology (DLT).

Additionally, B3i has constituted a board of directors comprising nine senior executives of the investor companies, which represents the first customers of B3i.

The board has elected Antony Elliott, group head of business transformation at Zurich Insurance Company, as chairman.

Elliott said: “B3i's community of shareholders and other network participants exceeds 40 companies who represent over half the world’s reinsurance premium and major primary insurers.

"B3i will continue to expand its shareholder and user base over the next several months as the initial products are rolled out. I would like to thank my predecessor Gerhard Lohmann for his tireless efforts to bring this concept to reality as founding chairman of B3i.”

Elliott added: “We are pleased to have strong ongoing financial and strategic support from the insurance industry. The company looks forward to addressing critical industry needs.”

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