Blockchain Insurance Industry Initiative, B3i, Forms Company Called ‘B3i Services’
The Blockchain Insurance Industry Initiative (B3i) announced the incorporation of B3i Services AG in Zurich, Switzerland.
The company was formed by the founders of B3i, which previously operated as a collaborative initiative of 15 global insurers and reinsurers who came together in late 2016 to explore and test the potential of blockchain in the industry.
B3i Services AG’s purpose is to provide insurance solutions on a blockchain platform that substantially improves efficiency across the value chain of the re/insurance industry — in some cases up to 30 percent, said B3i Services in a statement. These solutions will benefit both insurance companies and customers through improved speed, transparency, quality, security and cost, the company added.
B3i successfully completed its first product, a blockchain prototype for property cat excess-of-loss reinsurance contracts, in mid-2017. Throughout October 2017, a group of 38 insurers, brokers, and reinsurers tested its functionality and robustness. The prototype demonstrated that transactions could become quicker, more efficient, and more secure than with current methods.
The first live trades on the platform are anticipated by the end of 2018, with several other products being developed concurrently.
The formation and incorporation of B3i Services AG represents a significant milestone for the members of B3i. As an independent legal entity with its own capital and intellectual property, B3i Services AG can streamline the development, testing and commercialization of blockchain solutions, the company explained.
The incorporation of B3i Services AG is the starting point for the next stage of the initiative. The company will be raising additional funds from a wide spectrum of insurance industry participants over the coming months.
Gerhard Lohmann, CFO of Reinsurance, Swiss Re has been appointed as chairman of the company.
“The transition of B3i from consortium to independent company is a concrete step forward to realizing the enormous potential of blockchain for the insurance industry,” Lohmann commented.
“Personally, I am very excited to be at the forefront of this innovation that has the capability to transform the industry and help make insurance more affordable, accessible and attractive for market segments that are currently disenfranchised, or underprivileged.”
The executive management team of B3i Services AG all had key roles leading workstreams of the B3i initiative to date.
Members of the executive management team are Paul Meeusen from Swiss Re, Fei Zhang from Allianz, Sylvain De Crom from Aegon, Markus Tradt from Munich Re and Ken Marke from Ageas.
B3i Services AG is a startup formed to explore the potential of using distributed ledger technologies within the re/insurance industry for the benefit of all stakeholders in the value chain. The company was incorporated on March 23, 2018, by the original founding shareholders: Achmea, Aegon, Ageas, Allianz, Generali, Hanover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Tokio Marine, XL Catlin and Zurich Insurance Group.
Related:
- Blockchain Industry Initiative, B3i, Expands with 23 New Broker, Re/Insurer Entrants
- After Months of Development, B3i’s Blockchain Prototype Is Ready for Testing
- What Is Blockchain and How Does It Work?
- A Brave New World: First Reinsurance Product Heads to the Blockchain
- Blockchain Insurance Industry Initiative B3i Grows to 15 Members