Posts Tagged
Blockchain
Blockchain Initiative for Captives Launched
Burlington, Vermont, USA-based Distributed Ledger Governance Association (DLGA) in July 2019 launched a blockchain working group dedicated to captive reinsurance companies. The U.S. state of Vermont is a major domicile for captive insurers and reinsurers. DLGA’s mission statement is “to enable [its] members to successfully demonstrate and accelerate commercialization of their distributed ledger technology (DLT). [DLGA believes] this can best be accomplished through effectively engaging with government and stakeholders
Accenture and GEB Release Blockchain Technology Solution for Employee Benefits
Generali Employee Benefits (GEB) and global consulting and digital solutions company Accenture in April 2019 announced the release of a new blockchain technology solution to be applied to the employee benefits sector. The blockchain technology is reported to facilitate data sharing, thereby increasing transparency within the reinsurance process for captive or pooling services. It is also designed to reduce processing errors through the use of smart contracts and automated
Blockchain JV B3i Raises USD 16m
B3i raised about $16 million in February 2019, bringing its total capital to over $22 million. B3i is a blockchain startup owned by some of the world’s largest insurance companies. Slightly more than half of the new capital came in the form of cash, with the rest coming as converted debt. B3i had previously raised 6.3 million Swiss francs in March 2018. B3i’s founding shareholders include Aegon, Allianz, Munich
B3i Founders Incorporate Blockchain Startup
The Blockchain Insurance Industry Initiative (B3i) in March 2018 incorporated B3i Services AG in Zürich, Switzerland. B3i has been a collaborative initiative of 15 global insurers and reinsurers who came together in late 2016 to explore and test the potential of using Distributed Ledger Technologies within the re/insurance industry. B3i Services will provide insurance solutions on a blockchain platform, striving for improved speed, transparency, quality, security, and cost. It
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
AIG and IBM deliver first blockchain-based multinational insurance policy
American International Group (AIG), IBM, and Standard Chartered Bank, in June 2017 announced they have successfully piloted the first multinational “smart contract”-based insurance policy using blockchain, a distributed ledger technology. The three parties chose to execute this initiative in one of the most complicated areas of commercial insurance – multinational risk transfer – to better understand blockchain’s potential to reduce friction and increase trust in other areas of the