B3i Services AG initiative is launched to use Blockchain technology in the insurance industry

B3i Services AG initiative is launched to use Blockchain technology in the insurance industry. As reported on Monday, March 26, Blockchain startup B31 announced the initiative B3i Service AG in Zurich, with the aim of creating a Blockchain trading platform that will be used by many international insurance companies.

A Blockchain trading platform will be created for the development of the entire insurance industry.

B3i Services AG is an initiative created to explore the potential of using distributed ledger technologies in the reinsurance industry for the benefit of all stakeholders in the value chain.. After its inception, B3i will grow its community of shareholders, partners and customers and create an ecosystem of products and services developed “for market by market”.

The consortium aims to create a Blockchain trading platform for the development of the entire insurance industry.

B3i Sevice AG is supported by major insurance companies

B3i initiative and newly established B3i Sevice AG are supported by two major reinsurers Munich Re and Swiss Re, as well as other major insurance companies such as Zurick, Allianz and Aegon. While the initiative initially focused on a pilot project to explore potential use cases of Blockchain technology in the insurance industry, B3i Service AG will now implement the results within a block-based transaction system. yield growth is 30 percent

B3i’s previous pilot project for international insurance coverage for natural disasters involved all 38 insurance companies. According to Blockchain startup B3i, the absolute yield increase from the full implementation of Blockchain is 30 percent, as stated in a press release on the project.

In the insurance industry, “Deloitte, Microsoft and Ernst&Young” have used Blockchain technology before

The creation of B3i Service AG is not the first use of Blockchain technologies in the insurance industry. Deloitte and a group of insurance companies successfully tested Blockchain for customer management during the provider change in November last year. Also, in September 2017, a 20-week trial on Blockchain data management for cargo insurance was conducted with Maersk, Microsoft, Ernst&Young and a number of insurance companies.

Cointelegraph