In a move that is likely driven by the experience of high profile market-backed platforms such as Inreon, Kinnect and RI3K failing to gain traction, a broad coalition of 38 insurers, brokers and reinsurers has set up a new company that is focused on developing blockchain technology for the insurance industry. The incorporation of B3i Services AG gives the initiative a legal entity with its own capital and intellectual property, streamlining development, testing and commercialization of blockchain solutions.Go here :https://www.theinvestorscentre.co.uk/b3i-tech/

B3i Tech: A Comprehensive Company Overview

B3i will focus on building infrastructure and allowing insurance companies to build front-end applications that run on top of it. It has already developed a platform that will allow for the efficient exchange of reinsurance contracts, which has entered the Guidewire marketplace this month. It has also launched a solution that helps to eliminate the inefficiencies of email-based communication, which is common throughout the industry and can lead to duplicated effort, inconsistent data and document versioning.

The new company has built a team that includes people who have led workstreams within the consortium, giving it a good foundation for future success. The executive management team consists of Paul Meeusen, Fei Zhang, Sylvain de Crom and Markus Tradt, who all have senior positions at major global insurance companies.

B3i has made significant progress in the past year. It completed a prototype for a blockchain-based system to manage traditional Catastrophe XOL reinsurance contracts, and exhibited the prototype at the Monte Carlo RVS conference in October of last year. It has also begun a series of market tests for other lines of business, including nuclear pools and marine reinsurance.