B3i launches working reinsurance blockchain prototype
B3i, a group of fifteen global insurers and reinsurers, in September 2017 launched a fully functional beta version of its integrated blockchain solution for the re/insurance industry at the 61st Monte Carlo RVS Conference.
In seeking to fulfill the potential of blockchain, B3i group members have attempted to build an efficient worldwide industry platform for market participants to more easily cede, handle, and trade risks.
Speaking for B3i, Paul Meeusen explained, “Over the past for months, a team drawn from B3i member firms has produced a working prototype covering the core functionalities required to enable a distributed smart contract management system for Property Cat XoL contracts. The deployment architecture is already close to a production-ready environment and the team is preparing for feature enhancements of the prototype and a first deployment into production in 2018.”
The B3i team has also developed an industry business case for the platform across the whole value chain, with the consensus amongst the companies that a productivity gain of up to 30% is achievable.
Brokers, insurers and reinsurers alike will benefit from lower administration costs and will be able to offer more attractive rates and fees in the future.
A market beta-testing program for the prototype will start in October 2017. All insurance industry participants (insurers, brokers, reinsurers) are welcome to join this testing program. Existing B3i members and new participants will be able to take part in the test on an equal basis of a common testing agreement.
The participants will be granted access to a “sandbox” environment to simulate the creation and settlement of contracts and will be expected to feedback comments and change requests through defined channels. All participants will also gain access to B3i user group workshops until the end of 2017.
More information can be obtained by visiting the B3i website: http://b3i.tech/home.html