The Blockchain Insurance Industry Initiative (B3i) and msg, a German IT consulting and system integration company, have entered into a strategic partnership to develop reinsurance solutions based on distributed ledger technology (DLT).
They will first focus on integrating SAP’s and msg’s joint solution into B3i’s network and services.
Working together, the two companies will aim to provide solutions for risk managers, brokers, insurers and reinsurers, based on B3i’s DLT platform Fluidity and on the SAP Reinsurance Management platform of msg and SAP.
Together, they have already integrated SAP Reinsurance Management and Reinsurance Technical Accounting Blockchain (Ritablock), a partner solution based on the B3i platform that launched in August this year.
Bernhard Lang, member of the board of directors of the msg group, commented: “Together with B3i, we will combine our solution portfolios to offer seamless end-to-end solutions to our customers. We will also jointly develop innovative business solutions for reinsurance customers.
“SAP and msg have a solid position in the reinsurance management; four of the five major reinsurers and many primary insurers already rely on SAP Reinsurance Management, which is jointly developed by SAP and msg.”
John Carolin, CEO of B3i Services AG, added: “We’ve worked closely with msg for some time and have recently demonstrated the successful integration of our DLT-based reinsurance solution B3i Re into SAP Reinsurance Management.
“We look forward to jointly offering integrated solutions for our customers, which will enable them to leverage established investments in technology. Through our partnership with msg, we will further foster innovation and establish a functionally diverse ecosystem of interoperable partner applications to serve a broad array of insurance market participants.”