The Blockchain Insurance Industry Initiative (B3i) announced on March 24th that their blockchain subsidiary B3i Services AG will become a separate company in Zurich, Switzerland, according to a press release.
The consortium is composed of 15 international insurers and reinsurers that thought that the blockchain technology could change their industry in a positive way.
The document stated,
“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%.”
The insurance group explains that the blockchain, with its different features, “benefit both insurance companies and customers through improved speed, transparency, quality, security, and cost.”
The consortium developed “a blockchain prototype for property cat XoL” in 2017 and the first final platform is planned to be launched by the end of 2018, according to the filing. The tests done on the prototype show that blockchain has many advantages in terms of efficiency over the current system. Transactions would be faster, more transparent and more secure.
The company mentioned that it is only the beginning and that they will be raising other money in order “to create an ecosystem of products and services developed ‘by the market, for the market.”
The CFO of Swiss Re, Gerhard Lohmann has been charged as the chairman of the consortium and he expressed,
“The transition of B3i from consortium to independent company is a concrete step forward to realising the enormous potential of blockchain for the insurance industry. […]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.”