The Blockchain Insurance Industry Initiative (B3i) has been incorporated into a startup company by the group of global insurers and reinsurers that founded it. B3i Services AG in Zurich began life in 2016 as a collaborative initiative from Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Tokio Marine, XL Catlin and Zurich Insurance.
B3i completed its first product, a blockchain prototype for property cat XoL reinsurance contracts, in mid-2017. The first live trades on the platform are anticipated by the end of 2018, with several other products being developed concurrently.
As an independent legal entity with its own capital and intellectual property, B3i Services AG can streamline the development, testing and commercialisation of blockchain solutions.
Blockchain technology promises big efficiency gains across the value chain of the insurance industry – in some cases up to 30% – and could benefit both insurance companies and their customers through improved speed, transparency, quality, security and cost.
Improving claims management processes is a particularly promising area for corporate risk managers.
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