China Pacific Insurance Joins Industry Blockchain Initiative, B3i

August 26, 2019

China Pacific Insurance Group (CPIC) has become the latest investor in B3i, the insurance and reinsurance industry’s blockchain initiative.

CPIC’s membership further strengthens B3i’s representation across the global insurance market, said B3i, which now is supported by 18 major insurance industry investors.

As a major Chinese insurer, CPIC provides risk protection solutions, wealth planning and asset management services to more than 126 million customers. It has been listed among Fortune Global 500 for nine consecutive years, ranking 199 in 2019, said B3i.

CPIC employs innovative technology and utilizes the latest technologies for artificial intelligence in its consulting, underwriting, claims and other services.

“It is always the priority for CPIC to provide its customers with more comprehensive and more convenient insurance services,” said GU Yue, chairman of China Pacific Property Insurance Co., the General Insurance arm of CPIC Group.

“In recent years, CPIC has enhanced its service capability through employment of innovative technology,” he added.

“We hope that the strategic cooperation with B3i will give us more insight in the leading practice in blockchain technology standards, protocol design and network building,” he said. “Together with other important market players, we will actively employ the implementation of blockchain technology in the insurance industry to help upgrade market practice and reducing cost, and further enhance insurance services to our clients.”

“We are delighted to welcome CPIC as a new shareholder in B3i. This is an important step for us as B3i expands its geographic footprint into new and growing markets,” said John Carolin, B3i CEO.

“We are excited about the opportunity to work with partners who have innovation at the core of their business,” added Carolin. “CPIC’s position on the board supports our vision to see the insurance market deliver better solutions for end consumers through faster access to insurance with less administrative cost.”

B3i’s shareholders are: Achmea, Aegon, Ageas, Allianz, AXA, China Pacific Insurance Company, Deutsche Rück, Generali, Hannover Re, Liberty Mutual, Mapfre Re, Munich Re, SBI Group, SCOR, Swiss Re, Tokio Marine, VIG Re and Zurich Insurance Group.

B3i was founded in October 2016 as an insurance industry consortium, which then formed B3i Services AG as an independent company in 2018, called B3i Services.

Source: B3i

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