The Blockchain initiative is currently operated by several different insurance companies. They have announced that they are going to form the B3I service group in Zurich, with the ultimate aim being to create a Blockchain platform that comes with the added benefit of having an insurance policy.
The B3I initiative is going to be backed by multiple reinsurers, including the Swiss RE and Munich RE. Zurich, Allianz and Aegon are also said to be a part of the deal. The project research was initially focused on being a trial project. The aim was to try and explore any potential use for existing Blockchain technology within the insurance industry. Now, a block-based trading system is going to be backed in a fully-fledged operation.
The pilot project done by B3I was designed to cover any natural disaster. This would involve 38 insurance companies and brokers. The Blockchain initiative is designed to produce a very efficient model and there has also been a press release as well. The formation of the B3I is not the first project to be started up by the insurance industry. Companies including Deloitte and other insurance groups have tried and tested the use of Blockchain in the past. In fact, Microsoft were just one of the many companies to complete a 20-week trial on the system. The original goal of this was to implement it into the cargo insurance industry, with every effort being made to simplify the system so that it can then be transformed into a malleable and efficient model.
Gerhard Lohmann who is the CFO of Reinsurance has stated that Swiss RE is currently the chairman of the company. They have actually commented on the movement, saying that the transition from B3I to a fully independent company is a solid step into cementing the future potential of Blockchain. This is especially the case for the insurance industry, and a lot of people have expressed their excitement for this. The team at B3I services and AG have key roles in the workstream of the new project and in addition to this, they have varied experience with every single partner holding a senior position in one or more insurance groups. The team who are operating B3I have done so with continuity, ensuring that the company and project will move forward while also opening up more and more avenues for both Blockchain and the world of insurance.