The Blockchain Insurance Industry Initiative (B3i) has announced that after serving as interim Chief Executive Officer (CEO) since March, 2019, John Carolin will take on the position on a permanent basis.
Carolin joined B3i in March, 2018 as Chief Financial Officer (CFO), and as interim CEO he oversaw the delivery of the firm’s first product, a Cat XOL reinsurance placement system built on R3 Corda distributed ledger technology, which is set to be released this month.
B3i announced a platform switch away from Hyperledger Fabric’s blockchain to Corda in June of last year.
Carolin has extensive experience across the insurance and reinsurance industry, and has founded, led, and grown numerous ventures that include a carbon offset platform, a retail property asset manager, and a B2B advertising marketplace.
He will be tasked with leading B3i as it grows and matures into a customer-focused software development firm that both partners with, and serves the global re/insurance sector, its brokers and customers.
“John has a unique blend of experience working with both corporates and start-ups, which the Board of Directors and I believe makes him ideally suited to lead the new B3i. He has demonstrated as interim CEO that he understands both the insurance market and how to deliver a compelling product,” said Antony Elliott, Chairman of the Board of B3i.
Commenting on his appointment, Carolin said: “B3i will enable material time and cost savings that can only be achieved by working together as an industry rather than alone. B3i has the extraordinary advantage of being entirely owned by 17 of its customers and having already built a community of more than 40 insurers, reinsurers, brokers, and related companies.
“I look forward to leading the B3i team as we execute on a bold vision to enable better insurance through frictionless risk transfer. Our team of subject matter experts is highly motivated, especially following the very positive feedback received last month at our Hackathon to test the initial product.”