Majorinsurance coverage groups AIG and AIA are amongst 23 brand-new members of the B3i blockchain insurance coverage consortium.
Thebrand-new slate of entrants was unveiled earlier today, attracting members from Asia, the Middle East and North America, to name a few areas. B3iinitially launched in October of in 2015, backed by a group of noteworthy European- based insurance providers that consisted of Allianz, Aegon, Swiss Re and more.
Allinformed, the group now counts more than 3 lots insurance providers and reinsurers among its ranks.
Thebusiness join simply as B3i prepares to start checking a collectively established platform concentrated on catastrophic insurance contracts, a procedure set up to start later on this month.
Othertasks being pursued by the consortium consist of a smart contract tool created to enhance administrative work done by counter-parties to insurance coverage agreements, as well as work that will see members “developing and prototyping further use cases during 2018 for market adoption.”
“In less than a year B3i has become truly global, both in terms of the work we are undertaking and the companies we represent. We look forward to working with the new entrants who will take part in our market testing, and to learning from each other’s expertise and experience,”stated PaulMeeusen, head of financing and treasury services for Swiss Re and a co-founder of the consortium.