Since its launch in October 2016, the Blockchain Insurance Industry Initiative B3i has gained broad attention across the industry and beyond. In the meantime, 10 additional insurance and reinsurance companies have decided to join, giving the initiative a truly global scope with members from Asia, Europe and the Americas.
The current 15 members of 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.
“We are really excited about the B3i initiative gaining so much support from other industry players, now representing a truly global approach to the insurance ecosystem,“ said Christof Mascher, Chief Operating Officer of Allianz Group. “Allianz is convinced that embracing technological developments will enable us to further modernize our industry, improve efficiency and thereby innovate the way we serve our customers.”
— Allianz (@Allianz) February 6, 2017
In a collaborative effort, members of the B3i initiative will explore the ability of distributed ledger technologies to increase efficiencies in the exchange of data between reinsurance and insurance companies.
In order to realize a proof of concept, the participating members will implement a pilot project aimed at transacting reinsurance contracts amongst each other.
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 would subsequently improve industry processes and provide better insurance services to customers. The Blockchain Insurance Industry Initiative B3i intends to share first results in June 2017.