The Blockchain Insurance Industry Initiative (B3i) has secured investments from three new reinsurers and insurance firms – Mapfre Re, Deutsche Rück, and VIG Re.
With the three new investors, B3i’s shareholders will now increase to 16.
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B3i’s founding shareholders include Achmea, Aegon, Ageas, Allianz, AXA, Generali, Hannover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Tokio Marine, and Zurich Insurance Group.
The company is leveraging latest technologies including R3 Corda’s distributed ledger technology (DLT) to deliver insurance firms with substantial gains in both efficiency and security.
B3i, which specialises in developing insurance transaction platform, is testing its first excess of loss reinsurance product with a number of insurers, reinsurers and brokers.
Scheduled to be available in fourth quarter, the production platform will offer ramp up and familiarity testing prior to adoption in actual business renewals at year-end.
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By GlobalDataB3i has formed a board of directors which includes nine senior executives of the investor companies with backgrounds including underwriting, operations, finance, IT, and corporate ventures.
Antony Elliott, group head of business transformation at Zurich Insurance Company, has been named as the chairman of B3i.
Elliott said: “B3i’s community of shareholders and other network participants exceeds 40 companies who represent over half the world’s reinsurance premium and major primary insurers.
“B3i will continue to expand its shareholder and user base over the next several months as the initial products are rolled out. I would like to thank my predecessor Gerhard Lohmann for his tireless efforts to bring this concept to reality as founding chairman of B3i.”
Elliott further added: “We are pleased to have strong on-going financial and strategic support from the insurance industry. The company looks forward to addressing critical industry needs.”
