B3i News

B3i’s Blockchain Platform Places 30 Reinsurance Contracts, Including Cat XoL Treaties

B3i Services AG, a two-year-old company owned by members of the insurance industry, announced that 30 contracts of reinsurance have been concluded on its platform, including some of the most complex catastrophe excess of loss (XoL) reinsurance treaties. Nine insurers, …

B3i’s Blockchain Re/Insurance Network Begins to Offer Real-Life Industry Solutions

The author Douglas Adams once said, “We are stuck with technology when what we really want is just stuff that works.” Many of us can relate, especially with new technology such as distributed ledger technology (DLT), also known as blockchain, …

Blockchain Initiative, B3i, Deploys Cat Excess of Loss Product for January Renewals

B3i announced it has released the latest version of its property catastrophe excess of loss (XoL) reinsurance application in time for the January 2020 renewals. The product enables customers and their counterparties to negotiate terms, agree on rates and complete …

China Pacific Insurance Joins Industry Blockchain Initiative, B3i

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 …

Global Insurers Realize Innovation Is Critical for Future Success: A.M. Best Survey

A significant majority of global insurers understand that innovation is increasingly becoming a competitive differentiator in the global marketplace, according to the results of an A.M. Best survey of its rated entities. More than 80 percent of survey respondents said …

Blockchain Is Tech Evolution That Will Create Re/Insurance Revolution: B3i’s Marke

Blockchain technology is moving out of the lab and into the insurance business. It’s moving past the hype phase and is edging closer to providing real-life efficiency improvements for the industry. It’s been a slow and evolutionary process—one that ultimately …

After Months of Development, B3i’s Blockchain Prototype Is Ready for Testing

The industry’s Blockchain Insurance Industry Initiative (B3i) has developed a reinsurance blockchain prototype for a property excess of loss contract—and could be on the cusp of an industry revolution. Unveiled this week at the reinsurance Rendez-Vous de Septembre in Monte …

Hyperledger Project Releases Blockchain Code for Large Firms Building Software

The Hyperledger Project, a group led by the Linux Foundation, has released its first blockchain code that can be used by large businesses to build software. The group, whose more than 120 members include International Business Machines Corp, Cisco Systems …

Brave New World: 1st Reinsurance Product Heads to the Blockchain

Second of Two Articles There has been a lot of press – and perhaps hype – about blockchain and its potential to revolutionize the industry’s processes and ultimately improve the customer experience. However, the efforts of the industry’s B3i initiative …

What Is Blockchain and How Does It Work?

First of Two Articles While everyone talks about blockchain, also known as mutual distributed ledger technology, just a few people actually know what this technology can do and how it could someday revolutionize the re/insurance industry, just by streamlining back-office …