The blockchain insurance industry initiative B3i, which was launched in October 2016, is adding 23 new members for its market testing programme.
The 23 new additions to the initiative are: AIA, AIG, Aon, Chubb, Covéa, Everest Re, Gen Re, Guy Carpenter & Marsh, JLT Re, Leadway Assurance, LocalTapiola, Mapfre Re, Navigators, PartnerRe, QBE Re, SAHAM Assurance, Sava Re, Takaful Emarat, TigerRisk, Trust Re, UnipolSai, and Willis Re.
Since the launch, the B3i initiative has gained vast attention spanning the industry and beyond. The group is now attaining a global scope, attracting companies from Africa, Asia, Australia, Europe, the Americas, the Middle East and the Caribbean.
Blockchain technology enables the recording of data including transactions, contracts and agreements, in a way that means the data is simultaneously stored, but also updated in real time, on hundreds or even thousands of computers globally. It is meant to make the data near impossible to tamper with or hack as well as being easily accessible and updated instantly for every user involved.
The B3i initiative is a collaboration of insurers and reinsurers formed to explore the potential of using distributed ledger technologies within the industry for the benefit of all stakeholders in the value chain.
The move follows the launch of a working market testing prototype at this year’s Monte Carlo Rendez-Vous. Market testing of the prototype will begin this month, following on boarding and the provision of training to all member companies.
Each participating company will simulate the creation and management of property catastrophe insurance contracts in order to test post placement processes. This will apply from the setting up of the contract, through to the automated calculation for payment of claims.
The testing companies will provide their feedback based upon their experiences using the platform, thereby contributing to the development of a viable production platform for the (re)insurance industry by the second half of 2018.
B3i will also look to develop and prototype further use cases during 2018 for market adoption, which will be done by leveraging the collective views of the expanded membership to prioritise projects which extend beyond the current P&C reinsurance horizon.
Early next year, B3i will put in place a new structure designed to better serve its members and future platform users. This will take the form of a limited liability company structure, with a research and development function and commercial operations.
Commenting on the initiative Paul Meeusen of B3i said: “In less than a year B3i has become truly global, both in terms of the work we are undertaking and the companies we represent. We look forward to working with the new entrants who will take part in our market testing, and to learning from each other’s expertise and experience.”