New entrants include AIG, Aon, Chubb, Guy Carpenter & Marsh, Willis Re
Toronto, ON (Oct. 5, 2017) – The Blockchain Insurance Industry Initiative B3i announced it has expanded with 23 new brokers and re/insurers entrants, which will help with B3i’s upcoming market testing program.
B3i’s new entrants are: AIA, AIG, Aon, Chubb, Covéa, Everest Re, Gen Re, Guy Carpenter & Marsh, JLT Re, Leadway Assurance, LocalTapiola, Mapfre Re, Navigators, PartnerRe, QBE Re, SAHAM Assurance, Sava Re, Takaful Emarat, TigerRisk, Trust Re, UnipolSai and Willis Re.
This move follows “the successful launch of a working market testing prototype” at the Monte Carlo Rendez-Vous de Septembre conference on Sept. 10, said a statement from B3i, which was launched in October 2016 to explore the potential use of distributed ledger technology to improve back-office efficiencies.
“I am very pleased to welcome 23 new companies to B3i,” said Paul Meeusen of B3i. “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.”
Market testing of the prototype will commence this month, following onboarding and the provision of training to all member companies, said B3i. Each participating company will simulate the creation and management of property catastrophe insurance contracts in order to test post placement processes. This will apply from the setting up of the contract, through to the automated calculation for payment of claims.
The testing companies will provide feedback based upon their experiences using the platform, thereby contributing to the development of a viable production platform for the insurance and re/insurance industry by the second half of 2018.
B3i said it will also embark on developing and prototyping further use cases during 2018 for market adoption. This will be done by leveraging the collective views of the expanded membership to prioritize projects which extend beyond the current P/C reinsurance horizon.
At the beginning of 2018, B3i will put in place a new structure designed to better serve its members and future platform users. This will take the form of a limited liability company structure, with a research and development function and commercial operations. Further details about this will be published before the end of the year.
“At Willis Re, we are constantly exploring new ways to improve efficiency and reduce costs across the entire reinsurance value chain,” said James Vickers, chairman, Willis Re International. “We are delighted to support B3i’s initiative to take advantage of blockchain technology to develop news ways to interact with all parties involved in the reinsurance value chain. I am excited to see how this important initiative can transition from a successful prototype proof of concept to widespread practical application.”
The Blockchain Insurance Industry Initiative (B3i) is a collaboration of insurers and reinsurers formed to explore the potential of using distributed ledger technologies within the industry for the benefit of all stakeholders in the value chain. The 15 initial members of B3i are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual Insurance, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance, Swiss Re, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.
Willis Re supports blockchain insurance industry initiative B3i
London, UK (Oct. 2, 2017) – Willis Re, the reinsurance business of leading global advisory, broking and solutions company Willis Towers Watson (NASDAQ: WLTW) today announces its membership of the blockchain insurance industry initiative B3i. Since its launch in October 2016, the B3i initiative has attracted global interest from Asia, Africa, Australia, Europe, the Americas, the Middle East, and the Caribbean.
Following the successful launch of a working market testing prototype at the Monte Carlo Rendezvous in September Willis Re is supporting the initiative during its prototype market testing phase. Testing of the prototype will commence in October 2017 and will involve creating and managing property catastrophe (re)insurance contracts to evaluate the post placement processes. The testing will begin at the contract development and continue throughout to the automated calculation for payment of claims. Willis Re’s feedback will inform the development of a viable platform for the (re)insurance industry by the second half of 2018.
“At Willis Re we are constantly exploring new ways to improve efficiency and reduce costs across the entire reinsurance value chain,” said James Vickers, Chairman, Willis Re International. We are delighted to support B3i’s initiative to take advantage of blockchain technology to develop news ways to interact with all parties involved in the reinsurance value chain. I am excited to see how this important initiative can transition from a successful prototype proof of concept to widespread practical application.”
“I am very pleased to welcome Willis Re to B3i,” added Paul Meeusen, head of distributed ledger technology at Swiss Re – and the reinsurer’s B3i representative. “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 learning from one other’s expertise and experience”.
About Willis Re
One of the world’s leading reinsurance brokers, Willis Re is known for its world-class analytics capabilities, which it combines with its reinsurance expertise in a seamless, integrated offering that can help clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world’s top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. The broker’s global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. For more information, visit willisre.com.
About Willis Towers Watson
Willis Towers Watson (NASDAQ:WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential.
SOURCE: Willis Towers WatsonTags: b3i, blockchain, Willis Re