B3i blockchain: 30% efficiency gains
The blockchain insurance industry initiative B3i is including 23 new members for its market testing programme.
The move follows the launch of a working market testing prototype at the Monte Carlo RVS conference on September 10, 2017.
The B3i is a collaboration of insurers and reinsurers formed to explore the potential of using distributed ledger technologies within the industry for the benefit of all stakeholders in the value chain.
Blockchain technology allows for the recording of data—transactions, contracts, agreements—in a way that means the data are simultaneously stored, but also updated in real time—on hundreds or even thousands of computers globally. It is meant to make the data almost impossible to tamper with or hack into—yet it is also accessible and updated instantly for every user.
Since its launch in October 2016, the B3i initiative has gained broad attention across the industry and beyond. The group is now attaining a global scope, attracting companies from Africa, Asia, Australia, Europe, the Americas, the Middle East and the Caribbean.
“I am very pleased to welcome 23 new companies to B3i,” said Paul Meeusen of B3i. “In less than a year B3i has become truly global, both in terms of the work we are undertaking and the companies we represent. We look forward to working with the new entrants who will take part in our market testing, and to learning from each other’s expertise and experience.”
The new entrants are: AIA, AIG, Aon, Chubb, Covéa, Everest Re, Gen Re, Guy Carpenter & Marsh, JLT Re, Leadway Assurance, LocalTapiola, Mapfre Re, Navigators, PartnerRe, QBE Re, SAHAM Assurance, Sava Re, Takaful Emarat, TigerRisk, Trust Re, UnipolSai, and Willis Re.
Market testing of the prototype will commence this month (October), following onboarding and the provision of training to all member companies, according to a press release. Each participating company will simulate the creation and management of property catastrophe insurance contracts in order to test post placement processes. This will apply from the setting up of the contract, through to the automated calculation for payment of claims.
The testing companies will provide feedback based upon their experiences using the platform, thereby contributing to the development of a viable production platform for the insurance and re-insurance industry by the second half of 2018. B3i will also embark on developing and prototyping further use cases during 2018 for market adoption. This will be done by leveraging the collective views of the expanded membership to prioritise projects which extend beyond the current P&C reinsurance horizon.
At the beginning of 2018, B3i will put in place a new structure designed to better serve its members and future platform users. This will take the form of a limited liability company structure, with a research and development function and commercial operations.
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Willis Re, B3i, Blockchain insurance, Technology, UK, AIA, AIG, Aon, Chubb, Everest Re, Gen Re, Guy Carpenter & Marsh, JLT Re, UnipolSai, PartnerRe, QBE Re