B3i Tech Overview is a collaboration between insurers, reinsurers and brokers that explores how blockchain technology can significantly improve efficiency in the re/insurance industry — in some cases by up to 30%. This is accomplished by leveraging the power of distributed ledger technologies (DLT) to create ecosystem innovations that will enable faster, more efficient delivery of services and products to customers and partners – resulting in better speed, transparency, quality and security.
Since launching in 2016, the initiative has expanded to include 15 additional members from around the world. The current members are Achmea, Allianz, Aon, B3i Services AG, Covéa Group, Hannover Re, Generali, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance and XL Catlin.
B3i Tech Overview: Mission, Vision, and Market Impact
In a demonstration at the 61st Monte Carlo Reinsurance Conference, the B3i consortium for the first time publicly showcased a fully functional beta-version of its reinsurance blockchain prototype. The participants also shared details of their vision, an industry business case and planned next steps.
As part of this work, the B3i team is currently exploring the feasibility of integrating the blockchain solution with existing market platforms for placement and transaction. The aim is to achieve a seamless integration that will provide a single, shared view of risk data for all parties.
While the profound potential of blockchain, and the broad partnership of the 38 member consortium puts B3i in a strong position to succeed, it should be noted that high profile, well backed propositions have struggled to gain traction in this space. Nonetheless, the team remains confident that B3i will deliver on its promise.…