B3i blockchain insurance

Six nuclear pools in North-Western Europe, namely France, Germany, Spain, Switzerland, UK and the Nordics Sweden and Finland hope to benefit from increased contract certainty, process efficiency and real-time portfolio oversight. Nuclear pools act as the technical underwriting vehicles in their respective domestic markets for the pooling of net capacity for nuclear risks. The management of these pools is highly complex, and the international scope of the business, via the inter-pool exchange of risk, means that the insurance transactions are subject to a wide variety of processes and regulatory frameworks. Accordingly, B3i will aim to develop a DLT-based application for the management of inter-pool processes in time to launch for the January 1 st , renewals. Their experts have patiently listened and worked with us during the procurement process and truly understand our requirements. Given its scalability, it could also be available to the 28 international pools that exist today and others that will form in future as the civil nuclear industry develops into new countries.

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Content:

• Blockchain – a “Fosbury flop” for the insurance industry?
• The growing role of blockchain in insurance
• Achmea joins Blockchain initiative B3i
• Sava Re Joining B3i Prototype Market Testing Phase
• B3i Services still in fundraising mode
• B3i and the opportunities of digital reinsurance placement
• Generali Group joins Blockchain Insurance Initiative B3i
• TCS and B3i partner to launch blockchain solutions for the insurance industry

WATCH RELATED VIDEO: The benefits of blockchain for the insurance industry

Blockchain – a “Fosbury flop” for the insurance industry?

Insurance may be infamously sluggish when it comes to adopting technology, but the manifold benefits of blockchain can no longer be ignored. Rosalyn Page ,. Blockchain adoption might have been slow to infiltrate the insurance industry , but now insurers are starting to realise some of the benefits from the distributed ledger technology. Blockchain has the potential to transform multiple processes involved in insurance, from streamlining claims and improving timing to enabling better transparency in contracts and securing data.

Across the industry, insurers, reinsurers and brokers are working to streamline internal processes and transactions. Blockchain has the potential to enable the insurance industry to achieve full synchronisation of data and contracts, while protecting privacy and sovereignty, without needing to centralise the information among multiple parties. The technology can automate the pre-administration of transactions to enable third parties to focus on the transaction itself, without the need to reconcile large amounts of data shared between the multiple parties in relation to an insurance transaction.

Ultimately, market-wide inefficiencies can be reduced while still maintaining processing standards. The main drivers for considering a blockchain solution are security, streamlining processes and eliminating repetitive manual actions.

The advantage of using blockchain in insurance is that it builds trust between participants and links them in the same ledger. Blockchain eliminates this and avoids mistakes from operating manually. Currently, each insurer, broker and reinsurer bears the cost related to processing, transforming and adjusting the contract information, and then digitalising it to facilitate the execution of their duties and obligations.

Blockchain can eliminate the friction which, in insurance, is the risk related to the preparation and administrative processes required to execute contracts. With reinsurance, where a single insurer interacts with multiple brokers and reinsurers, each party is responsible for maintaining, updating and reconciling the data to achieve a temporary alignment to execute a transaction; then the process starts again until the next reconciliation is achieved.

Smart contracts have the ability to self-execute, doing away with this process. Smart contracts are defined by digital parameters and programmed logic, and the contract can self-execute when the agreed conditions are met. This allows the execution to be deterministic and therefore predictable.

Security is a fundamental benefit of blockchain because only certified parties in the network can transact. Blockchain ledgers are a common version of the truth that each party holds and acts upon.

Exchanging information within this infrastructure becomes easier and shortens the process of certifying the information. As the information is transported in digital form, it is held as structured information and incrementally improved in time. Any changes to the record are noted as incremental changes.

This unique, shared version of digital data prevents duplication and manual entry, without having to centralise the information. It guarantees ownership and privacy, but more importantly enables synchronicity between the authorised parties, who have access to the same data.

Being able to verify the authenticity of a customer, providing historical records of policies and transactions leads to better security, a more difficult process to corrupt files and greater prevention of fraud, although the law still has some catching up to do.

Written by Rosalyn Page ,. Content for business decision-makers. About Us Careers. Hit enter to search. Apr 05, Rosalyn Page ,. The main drivers for considering a blockchain solution are security, streamlining processes and eliminating repetitive manual actions The advantage of using blockchain in insurance is that it builds trust between participants and links them in the same ledger.

The growing role of blockchain in insurance

Milan — To further explore the potential use of distributed ledger technology for the insurance industry, Generali Group has joined the Blockchain Insurance Industry Initiative B3i. Since its launch in October , the initiative has gained broad attention across the industry and beyond, while achieving a truly global scope with additional members joining from Asia, Europe and the Americas. It represents another milestone that confirms our commitment to creating value for our customers by embracing new technology which in turn can be used to mitigate risk and improve efficiency. The Blockchain initiative is particularly important in insurance where the secure and efficient exchange of information can benefit from disruptive technology that could eventually lead to game-changing applications. As a leading player in continental Europe, we are convinced that we need to keep innovating to help Generali customers enjoy a simpler and smarter life. Our customers in all industries are exploring and investing in distributed ledgers and smart contract technology to achieve end to end synergies, integration and efficiency.

Achmea joins Blockchain initiative B3i

A global consortium of insurance companies has formed a startup in Zurich called B3i Services AG to help drive the use of blockchain technology in the insurance industry. The Blockchain Insurance Industry Initiative B3i , which is made of up 15 leading insurance companies, including Swiss Re , Zurich , Munich Re , Allianz , Generali and Aegon , has set itself the goal of advancing blockchain technology in the insurance industry. Last year, B3i presented a blockchain prototype for the reinsurance market: a smart contract management system for processing transactions within a blockchain network. According to B3i, the platform can achieve efficiency gains of up to 30 per cent, with brokers, insurers and reinsurers alike benefitting from lower administrative costs and more attractive rates and fees. The platform has been tested by several insurance firms and is set to be launched by the end of The new startup in Zurich is expected to advance similar solutions. As an independent company, B3i Services AG can help in developing, testing and commercializing blockchain solutions. Read more.

Sava Re Joining B3i Prototype Market Testing Phase

The use of blockchain in the insurance field is still in its infancy, but insurers increasingly understand the tantalizing potential. Unlike banking and money transfer applications, which have attracted much of the early focus, insurers are still pondering how to best use blockchain technology to maximize existing advantages and strength. As with other new developments, the insurance industry is largely proceeding cautiously, although some insurers are already actively exploring blockchain. These pioneer insurers are collaborating in an experimental project in the reinsurance field.

B3i Services still in fundraising mode

February 7, Tokio Marine Holdings, Inc. To further explore the potential use of distributed ledger technology for the insurance industry, Tokio Marine Holdings has joined the Blockchain Insurance Industry Initiative B3i. Since its launch in October , the initiative has both gained broad attention across the industry and achieved a truly global scope with members from Asia, Europe and the Americas. In a collaborative effort, members of the B3i initiative will explore the ability of distributed ledger technologies to eliminate inefficiencies in the exchange of data between re- insurance companies. In order to realize a proof-of-concept, the participating members will implement a pilot project about transacting reinsurance contracts between member companies.

B3i and the opportunities of digital reinsurance placement

The quantitative and qualitative analysis is provided for the global Blockchain Insurance market considering competitive landscape, development trends, and key critical success factors CSFs prevailing in the Blockchain Insurance industry. To describe Blockchain Insurance Introduction, product type and application, market overview, market analysis by countries, market opportunities, market risk, market driving force;. To analyze the manufacturers of Blockchain Insurance, with profile, main business, news, sales, price, revenue and market share in and ;. To display the competitive situation among the top manufacturers in Global, with sales, revenue and market share in and ;. To show the market by type and application, with sales, price, revenue, market share and growth rate by type and application, from to ;. To analyze the key countries by manufacturers, Type and Application, covering North America, Europe, Asia Pacific, Middle-East and South America, with sales, revenue and market share by manufacturers, types and applications;. Blockchain Insurance market forecast, by countries, type and application, with sales, price, revenue and growth rate forecast, from to ;.

Generali Group joins Blockchain Insurance Initiative B3i

The blockchain insurance industry initiative B3i, which was launched in October , is adding 23 new members for its market testing programme. Since the launch, the B3i initiative has gained vast attention spanning the industry and beyond. Blockchain technology enables the recording of data including transactions, contracts and agreements, in a way that means the data is simultaneously stored, but also updated in real time, on hundreds or even thousands of computers globally.

TCS and B3i partner to launch blockchain solutions for the insurance industry

RELATED VIDEO: Blockchain Insurance Consortium B3i Pivots to Full-Fledged Startup

Tata Consultancy Services TCS on Tuesday said it has partnered with Zurich-based insurer consortium B3i Services to create blockchain solutions for the insurance industry. The partnership will help the Mumbai-based information technology IT services provider design, develop and launch ecosystem innovations based on distributed ledger technology DLT for the insurance industry, it said in a statement. The consortium, created by Munich Re and Swiss Re -- two of the world's largest reinsurers -- along with insurers Aegon, Allianz and Zurich, was set up to explore blockchain technology applications in the industry. Set up in , B3i is currently owned by 20 major insurers from five continents, with a community comprising over 40 companies.

B3i, a consortium startup working to use blockchain tech in the insurance industry, has launched its first product on R3's Corda platform. Revealed Wednesday, the release of B3i's v1. The new Cat XoL product is aimed to bring greater speed and lower cost to the market, allowing insurers, brokers and reinsurers to "interact, negotiate and place risk more securely and efficiently. The product removes the need for some of the manual and time-consuming tasks from the process of renewing an insurance treaty. It also ensures only relevant parties are given real-time access to the contract terms and conditions, offerings and signatures, removing the "contract uncertainty" that afflicts the current manual process, explained the firm.

Joining a insurance consortium B3i or cross-sector consortium Hyperledger project with the aim of defining a de facto, interoperable standard with members of the consortium. Launch of a partnership with companies in the blockchain field such as Ripple , to speed up knowledge acquisition and launch collaborative experiments. Blockchain platforms could act as a shared layer enabling mutual insurance products and services for a group of distributed customers.