Ten new members join Blockchain initiative B3i

Ten additional insurance and reinsurance companies have now joined the Blockchain Insurance Industry Initiative (B3i).

Since its launch in October 2016, B3i has gained quite some attention across the industry. In the meantime, another 10 insurance and reinsurance companies decided to join, giving the initiative a truly international scope with members from Asia, Europe and the Americas. The 15 members, currently representing B3i, are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, MunichRe, RGA, SCOR, Sompo Japan Nipponkoa Insurance,SwissRe, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.

Jason Richards, Head P&C Business Management at Swiss Re, said: "More members joining our B3i initiative brings us one step closer to an industry-wide Blockchain standard. This is exciting because Blockchain has the potential to reduce the cost of insurance by making transactions simpler and faster."

In a joint effort, members of the B3i initiative will explore the possibilities of distributed ledger technologies to address key inefficiencies in the exchange of data between (re-)insurance companies. In order to achieve a proof-of-concept, the participating members will engage in a pilot project transacting reinsurance contracts between member companies. If Blockchain technology proves to be a viable tool, it could transform the insurance industry through a shared, transparent record of contract-related information. Streamlining communication and transactions could then improve industry processes as well as insurance services to customers. The Blockchain initiative B3i intends to share first results in June 2017.

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