B3i, the blockchain insurance industry initiative, has announced that 23 new entrants have joined its Market Testing program, following the launch of a working market testing prototype at the meeting of the reinsurance industry in Monte-Carlo.
The B3i initiative has attracted global interest, and the testing phase is scheduled to start in October, 2017, and will include the creation and management of property catastrophe insurance and reinsurance contracts in order to assess post-placement processes.
The new members include: 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.
Paul Meeusen, head of distributed ledger technology at Swiss Re and the firm’s B3i representative, said; “I am very pleased to welcome 23 new companies to B3i. 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”
Market testing for the B3i prototype is to begin in October, 2017, with each participating company simulating both the development and creation of property catastrophe insurance and reinsurance contracts to test post-placement processes.
B3i explains that this will run from the creation of the contract, right through to the automated calculation for payment of claims.
Each company is then required to provide feedback on the platform, with the goal of a viable platform being ready for the re/insurance industry in the second-half of 2018. Furthermore, from the beginning of 2018, B3i will implement a new structure in an effort to better serve its members and users of the platform in the future.
Chairman of Willis Re International, James Vickers, said; “At Willis Re we are constantly exploring new ways to improve efficiency and reduce costs across the entire reinsurance value chain. We are delighted to support B3i’s initiative to take advantage of blockchain technology to develop news ways to interact with all parties involved in the reinsurance value chain. I am excited to see how this important initiative can transition from a successful prototype proof of concept to widespread practical application.”
Meeusen, added; “I am very pleased to welcome Willis Re to B3i. 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 learning from one other’s expertise and experience.”