SCOR has become one of the latest in a string of insurers and reinsurers to join the Blockchain Insurance Industry Initiative (B3i), after successful testing of the concept has proven its potential value.
Since the blockchain initiative was launched in October 2016, it’s attracted 15 of the largest players across the globe, including; Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance, Swiss Re, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.
SCOR said its tests have affirmed the new technology could be easy to implement, cost-effective and efficient in accelerating interaction.
Denis Kessler, Chairman & Chief Executive Officer (CEO) of SCOR, said; “SCOR’s role as a global Tier 1 reinsurer is to experiment and test cutting-edge technology like Blockchain.
“The success of the Proof of Concept conducted by SCOR on Blockchain, along with the work of the B3i members on this technology, will help to accelerate the digitalisation of the (re)insurance sector, to the benefit of the whole industry.”
In the B3i initiative, members agree to exchange data to explore how the distributed ledger technology could improve operating efficiencies.
They also plan to implement a pilot project aimed at transacting reinsurance contracts with each other.
Across the industry, blockchain innovation has become the new hype as carriers have high hopes for how it could transform the industry through a shared, transparent record of contract-related information that would streamline communication and transactions.
The blockchain Insurance Industry Initiative, B3i, will share its first results in June 2017.
Blockchain has been cited as a $10 billion opportunity for the re/insurance industry, able to make processes more efficient and ultimately save the sector money.
So it’s no surprise that in the InsurTech world blockchain can generate the most buzz, and gets the most interest from large players. It also means there’s a desire to ensure that systems built are done so for the industry and by the industry, hence incumbents are seeking to create the industries’ trading exchange equivalent.