Insurance Consortium B3i Expands Group Of Investors In Current Funding Round
The Blockchain Insurance Industry Initiative (B3i), an insurance industry trade group focusing on blockchain, expanded its community with its current funding round. Three new insurers and reinsurers are participating in the current funding round along with additional investments from its existing shareholders.
The group currently represents more than 40 companies as customers, members and shareholders, who represent over half the world’s reinsurance premium and major primary insurers.
B3i is made up by a consortium of sixteen shareholders, including some of the world’s largest insurers and reinsurers from across Europe, the Americas, and Asia. It was formed in late 2016 to explore and test the potential of blockchain’s Distributed Ledger Technologies (DLT) in the industry. It was then incorporated as B3i Services AG on March 23, 2018 in Zurich, Switzerland.
In June last year, B3i selected the Corda blockchain platform, developed by New-York based technology firm R3, to build its applications and business network. It expects to help existing business networks to reduce transaction and record-keeping costs, with Corda providing better data privacy and scalability.
B3i is looking to further grow the network through partnerships with other company-led and industry-led initiatives after it established a broadly-supported platform and protocol. Its product is focused on multi-company syndicated risk placement, accounting and claims, which will enable substantial gains in both efficiency and security.
B3i said it will continue to expand its shareholder and user base over the next several months as the initial products are rolled out. The first phase of the product is currently being evaluated by several insurers, reinsurers and brokers.
The production platform is scheduled to be available in the fourth quarter, providing ramp up and familiarity testing prior to adoption in actual business renewals at year-end.
B3i has also constituted a Board of Directors comprising nine senior executives of the investor companies from fields including underwriting, operations, finance, IT, and corporate ventures. The directors represent companies who are amongst the first customers of B3i.
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