Munich Re: Blockchain Initiative B3i gains truly international scope
Co-founded by Munich Re in 2016, the Blockchain Insurance Industry Initiative welcomes ten new members on 06.02.2017
Munich — Since its launch in October 2016, the Blockchain Insurance Industry Initiative B3i has gained broad attention across the industry and beyond. In the meantime, 10 additional insurance and reinsurance companies have decided to join, giving the initiative a truly global scope with members from Asia, Europe and the Americas. The current 15 members of B3i are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance, Swiss Re, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.
Harald Rosenberger, Global Head of Innovation at Munich Re says: “Blockchain has the power to transform information into value. We are keen to explore its potential for reinsurance and beyond in an even larger B3i community”.
In a collaborative effort, members of the B3i will explore the ability of distributed ledger technologies to increase efficiencies in the exchange of data between reinsurance and insurance companies. In order to realize a proof of concept, the participating members will implement a pilot project aimed at transacting reinsurance contracts amongst each other. If blockchain technology proves to be a viable tool, it could transform the insurance industry through a shared, transparent record of contract-related information. Streamlining communication and transactions would subsequently improve industry processes and provide better insurance services to customers. The Blockchain Insurance Industry Initiative B3i intends to share first results in June 2017.
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