From a consortium of 15 insurers and reinsurers who came together in 2016 to investigate the potential of blockchain in the industry, Blockchain Insurance Industry Initiative (B3i) has transitioned into an independent legal corporation.
B3i Services was formed in Zurich, Switzerland by the founders of B3i with the purpose of providing commercial blockchain solutions to the industry, improving efficiency by up to 30% through improved speed, transparency, quality, security, and cost.
Gerhard Lohmann, chief financial officer of reinsurance at Swiss Re, has been appointed company chairman; while Paul Meeusen, Fei Zhang, Sylvain De Crom, Markus Tradt, and Ken Marke – all experienced industry professionals who have held senior positions in global insurance groups – make up the company's executive team.
"The transition of B3i from consortium to independent company is a concrete step forward to realizing the enormous potential of blockchain for the insurance industry,” Lohmann said. “Personally, I am very excited to be at the forefront of this innovation that has the capability to transform the industry and help make insurance more affordable, accessible, and attractive for market segments that are currently disenfranchised, or underprivileged."
In mid-2017, B3i successfully completed its first product, a blockchain prototype for property cat XoL reinsurance contracts, which was proven to make transactions become quicker, more efficient, and more secure than with current methods. The first live trades on the platform are expected by the end of 2018, with several other products being developed concurrently.
In a statement, B3i Services said becoming an independent legal entity with its own capital and intellectual property has enabled it to streamline the development, testing, and commercialisation of blockchain solutions.
“The incorporation of B3i Services AG is the starting point for the next stage of the initiative,” it said in the press release. “The company will be raising additional funds from a wide spectrum of insurance industry participants over the coming months. The ambition is to create an ecosystem of products and services developed ‘by the market, for the market.’”
