Reinsurance News
blockchain
B3i releases v1.0 of its Cat XoL solution
31st July 2019
Following the creation of the first Corda 4.0 node, the Blockchain Insurance Industry Initiative (B3i) has announced the release of v1.0 of its Property Catastrophe Excess of Loss Reinsurance solution on the Corda Network. Following market collaboration to test and build the product, B3i has now released v1.0, which is designed ... Read the full article
Aon & Oxfam launch blockchain-based insurance for farmers in Sri Lanka
1st July 2019
Re/insurance broker Aon has partnered with Oxfam and insurtech firm Etherisc to launch a blockchain-based insurance platform for smallholder farmers in Sri Lanka. Nearly 200 farmers have been enrolled in the solution, which aims to deliver micro-insurance for paddy field farmers who are at risk of losing their crops due to ... Read the full article
Blockchain insurtech ChainThat joins the BMA’s Innovation Hub
19th June 2019
ChainThat, a specialist provider of blockchain solutions for the re/insurance industry, has been approved as the first company to join the Bermuda Monetary Authority’s (BMA) Innovation Hub. The Bermudian regulator launched the Innovation Hub initiative in April 2018, providing insurtech firms with the ability to share ideas and information with BMA ... Read the full article
L&G Re develops blockchain reinsurance platform for pension risk transfer
12th June 2019
Legal & General Reinsurance (L&G Re), the global reinsurance hub of the Legal & General Group, has announced the launch of estua-re, the first pension risk transfer (PRT) reinsurance platform to be powered by blockchain technology. The platform is reportedly capable of driving every stage of the PRT reinsurance value chain, ... Read the full article
B3i announces Japan’s SBI Group as latest shareholder
29th May 2019
The Blockchain Insurance Industry Initiative (B3i) has announced Japan's SBI Group as its latest investor, taking its shareholder base to 17. SBI Group of Japan has invested in the firm through its SBI AI&Blockchain Fund, which was launched in January 2018 to support open innovation between investors and investee firms, increase ... Read the full article
Insurwave and Zhuhai Port Holdings sign MoU on marine insurance
22nd May 2019
An agreement has been signed between Insurwave Limited and Zhuhai Port Holdings Group Co., Ltd. that sees the pair collaborate on shipping logistics and marine insurance to promote "frictionless trade" across the Greater Bay area and beyond. The signing of the agreement between Insurwave Limited, EY and Guardtime's marine insurance blockchain joint venture ... Read the full article
The Institutes & LIMRA add 15 new members to blockchain consortium
20th May 2019
The Institutes RiskStream Collaborative and LIMRA have announced that a total of 15 new re/insurance companies have become members of their enterprise-level blockchain consortium. This includes eight new members in the life and annuity sector and an additional seven in the property and casualty sector, bringing the total number of member ... Read the full article
Major reinsurance brokers collaborate on distributed ledger technology
15th May 2019
The Reinsurance Solutions arm of Aon, reinsurance broker Guy Carpenter and other industry partners, including RenaissanceRe and Everest Re, have worked with The Institutes RiskStream Collaborative on the use of distributed ledger technology (DLT). According to an announcement, the joint effort targets the delivery of greater efficiency to the placement of ... Read the full article
B3i’s Markus Tradt joins Board of Corda Network
29th April 2019
Markus Tradt, Chief Technology Officer (CTO) for the Blockchain Insurance Industry Initiative (B3i), has been appointed to the Board of Directors of Corda Network Foundation, an open source distributed ledger platform created by tech firm R3. B3i switched over from Hyperledger Fabric to the Corda platform in June 2018 following a ... Read the full article
Marsh to rollout proof of insurance blockchain platform
26th April 2019
Global re/insurance broker Marsh is to begin rolling out its proof of insurance blockchain platform to US commercial clients. There are many who feel that blockchain technology will transform the certificate of insurance process, which is currently manual, and allow clients to more easily hire contractors and transfer risk while increasing ... Read the full article
Generali turns to blockchain for enhanced employee benefits offering
16th April 2019
Professional services firm Accenture and Generali Employee Benefits (GEB) have announced a blockchain-powered solution aimed at enabling participants in the reinsurance process for captive or pooling services to access the same data and reduce processing errors via smart contracts and automated reconciliation. The solution is expected to streamline GEB’s employee benefit ... Read the full article
Three additional reinsurers participate in B3i’s current funding round
3rd April 2019
The Blockchain Insurance Industry Initiative (B3i) has announced the addition of three new shareholders, which, alongside existing investors are participating in the current funding round. The new additions are Mapfre Re, Deutsche Rück, and VIG Re, and take the total number of B3i shareholders to 16. It was revealed recently that B3i ... Read the full article
B3i raises a further $16 million, shuffles board
26th March 2019
According to reports, the Blockchain Insurance Industry Initiative (B3i) now has total capital of more than $22 million, after raising a further $16 million over the last month. Corporate registry filings in Switzerland reveal that just over half, approximately $8.34 million, was raised in the form of cash, with the remainder ... Read the full article
AXA unit eyes blockchain for faster, more secure job loss policy payments
18th March 2019
AXA Partners, a unit of global insurer AXA, is teaming up with the Swedish government’s Public Employment Service and the startup Stratumn on a blockchain-based solution aimed at accelerating and simplifying the payment of job loss policies. AXA Partners says the solution will significantly shorten the claim process duration, remove administrative ... Read the full article
ChainThat to launch blockchain-powered risk, capital exchange
5th March 2019
A blockchain-powered risk and capital exchange for the re/insurance industry is set to be introduced in Bermuda later this year by ChainThat. The specialist blockchain solutions firm says this exchange will allow the transfer of risk and capital between direct insureds, brokers, cedants and captive insurers and insurance, reinsurance, industry loss ... Read the full article
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