Major reinsurance provider Willis Re has joined the global blockchain insurance industry alliance B3i, which has member firms in markets in various regions, including Asia, Africa, Australia, Europe, the Americas, the Middle East, and the Caribbean.
In September, B3i was able to successfully launch a working market testing prototype at the Monte Carlo Rendezvous. Willis Re has pledged to provide support during the testing phase, which will begin this month. The tests will involve creating and managing property catastrophe re/insurance contracts to evaluate the post placement processes. These will involve multiple phases, from contract development to the automated calculation for payment of claims.
Willis Re will provide vital feedback, which will help the development of a viable platform for the re/insurance industry by the latter half of 2018.
“At Willis Re we are constantly exploring new ways to improve efficiency and reduce costs across the entire reinsurance value chain,” said James Vickers, chairman of Willis Re International. “We are delighted to support B3i's initiative to take advantage of blockchain technology to develop new ways to interact with all parties involved in the reinsurance value chain. I am excited to see how this important initiative can transition from a successful prototype proof of concept to widespread practical application.”
Paul Meeusen, head of distributed ledger technology at
Swiss Re and the reinsurer's representative to B3i, added: “I am very pleased to welcome Willis Re to B3i. In less than a year B3i has become truly global, both in terms of the work we are undertaking and the companies we represent. We look forward to working with the new entrants who will take part in our market testing, and learning from one other's expertise and experience.”
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