The Blockchain Insurance Industry Initiatives’ (B3i) first commercial insurance workshop has taken place in Zürich, a move aimed at identifying and exploring the ways in which blockchain technology can be successfully applied to the value chain.
B3i has already overseen the launch of a property catastrophe excess of loss product and hopes this workshop will accelerate the technology’s ability to accommodate commercial Insurance contracts.
“It was the voice of the customer asking for Commercial Insurance, but it also made sense for us if you look at excess of loss contract in Reinsurance,” explained B3i Chief Executive Officer Paul Meeusen. “There are similarities how both of these types of contracts work.”
Antonio Di Marzo, Product Owner, Commercial Insurance said that attendees are looking to prioritise what the “pain points” are and how they are affecting the market.
“It has been an incredible occasion to have here in Zurich,” said Di Marzo.
“All these people involved in a neutral environment where these people come as professionals first, with the right combination of experience and willingness to challenge that experience, to try seeking out new solutions, new ways of doing, new operating models.”