The push towards the use of blockchain in the insurance industry is continuing with the announcement of the expansion of the Blockchain Insurance Industry Initiative, B3i.
The group has revealed that 23 new entrants have signed up for its market testing program on the back of a working prototype being released at the Monte Carlo RVS Conference in September.
“I am very pleased to welcome 23 new companies to B3i”, said Paul Meeusen of 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 to learning from each other’s expertise and experience.”
So who are the new names on board? They read like something of a “who’s who” of the insurance and reinsurance industries.
The new names are:
AIA,
AIG,
Aon,
Chubb, Covéa, Everest Re,
Gen Re,
Guy Carpenter &
Marsh,
JLT Re, Leadway Assurance, LocalTapiola, Mapfre Re, Navigators, PartnerRe,
QBE Re, SAHAM Assurance, Sava Re, Takaful Emarat, TigerRisk, Trust Re, UnipolSai and Willis Re.
According to a release making the announcement, market testing of the prototypes will begin this month with each company simulating the management of property catastrophe insurance contracts to test placement processes. They then provide feedback on their experiences with the idea that a viable production platform will be ready for launch by the second half of 2018.
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