The Blockchain Insurance Industry Initiative (B3i) has released several major enhancements to its reinsurance solution B3i Re.
Formerly the Cat XoL placement product, B3i Re includes significant technical accounting functionality and a number of feature requests from B3i’s customers.
Features include treaty tower parameter enhancements; multicurrency capabilities; cedent broker approval transactions; enhanced treaty lifecycle transactions with higher flexibility; and aggregated and graphical overview of written and signed lines.
Future updates in 2021 will add claims management functionality and extend B3i Re to additional reinsurance types and lines of business.
B3i Re can be used by Insurers, brokers, and reinsurers to create and administer digital contracts on distributed ledgers.
All parties have a shared and immutable view of the contract and its administration throughout the contract’s lifecycle.
Through APIs, B3i Re connects to placement platforms and back office systems and enables the elimination of manual processing, data duplication, and associated inconsistencies and reconciliations.
“B3i started with reinsurance placement as the start of the contract lifecycle, but the greatest power of distributed ledger technology comes in technical accounting and claims,” said John Carolin, B3i CEO.
“A single version of the truth enabled by our solution can bring tangible benefits to all parties to a transaction – especially when our solution is connected to existing placement platforms and accounting systems via API.”
Antonio Di Marzo, B3i Head of Products, added, “Through continuous interactions with our customers, we constantly evolve our solutions to meet their precise needs.
“B3i Re offers enhanced features and functionalities to the benefit of underwriters, brokers, accountants, auditors and everyone who administers reinsurance contracts. Many aspects of administering reinsurance contracts are ripe for digital solutions that B3i brings.”