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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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