The China Pacific Insurance Group (CPIC) has joined firms such as AXA, Munich Re, SCOR and Swiss Re in becoming a shareholder of the Blockchain Insurance Industry Initiative (B3i).
B3i believes this investment from CPIC extends the breadth of the shareholder community and strengthens its representation across the global insurance market.
GU Yue, Chairman of China Pacific Property Insurance, the general insurance arm of CPIC Group, remarked how the investment will give CPIC more insight in the “leading practice in blockchain technology standards, protocol design and network building.”
“It is always the priority for CPIC to provide its customers with more comprehensive and more convenient insurance services. In recent years, CPIC has enhanced its service capability through employment of innovative technology,” he said.
“Together with other important market players, we will actively employ the implementation of blockchain technology in the insurance industry to help upgrade market practice and reducing cost, and further enhance insurance services to our clients.”
John Carolin, B3i Chief Executive Officer added, “We are delighted to welcome CPIC as a new shareholder in B3i. This is an important step for us as B3i expands its geographic footprint into new and growing markets.
“We are excited about the opportunity to work with partners who have innovation at the core of their business.
“CPIC’s position on the board supports our vision to see the insurance market deliver better solutions for end consumers through faster access to insurance with less administrative cost.”
B3i has also announced the addition of CPIC’s Li Hao to its board.