‘Big Boys Club’ B3i Starts Testing Blockchain Catastrophe Contracts

So-called ‘Blockchain Insurance coverage Trade Initiative’ B3i has introduced 23 new members because it prepares to check its prototype.

B3i, which shaped final yr and consists of high-flying flagship members equivalent to Allianz, Swiss Re and Zurich, goals to disrupt the worldwide insurance coverage trade with the usage of Blockchain – or its favored time period – so-called Distributed Ledger expertise (DLT).

The 23 new signups consist principally of lesser-known outfits AIA and Chubb amongst others.

“I’m more than happy to welcome 23 new corporations to B3i,” Swiss Re director of finance and world enterprise options Paul Meeusen stated in an accompanying press launch.

“In lower than a yr, B3i has change into really world, each by way of the work we’re enterprise and the businesses we signify.”

Comparable in tone to the worldwide banking sector’s R3CEV DLT consortium, the insurers are searching for to deploy Blockchain to execute claims contracts extra effectively from begin to end.

“Every taking part firm will simulate the creation and administration of property disaster insurance coverage contracts as a way to take a look at submit placement processes,” the discharge explains.

“This can apply from the establishing of the contract, by means of to the automated calculation for fee of claims.”

Having unveiled the prototype final month at a convention in Monte Carlo, testing itself is because of start, with additional use instances to undergo improvement in 2018.

Cointelegraph final reported on the progress of B3i in February, elevating questions as as to whether such a big ‘Massive Boys Membership’ of organizations might coordinate to ship a really disruptive product.