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24 February 2017
An industry group formed to explore blockchain technology has expanded to 15 members before a pilot project to test potential benefits.
The Blockchain Insurance Industry Initiative B3i started last year with Aegon, Allianz, Munich Re, Swiss Re and Zurich participating.
It now also includes Achmea, Ageas, Generali, Hannover Re, Liberty Mutual, Reinsurance Group of America, Scor, Sompo Japan Nipponkoa Insurance, Tokio Marine Holdings and XL Catlin.
Blockchain technology provides a digitally managed public ledger that is transparent, largely tamper-proof and always up to date.
“We are really excited about the B3i initiative gaining so much support from other industry players, now representing a truly global approach to the insurance ecosystem,” Allianz COO Christof Mascher said.
Members are exploring the ability of distributed ledger technologies to increase efficiencies in data exchanges between reinsurance and insurance companies.
The pilot project is aimed at participants transacting reinsurance contracts with each other. The participants plan to share their first results in June.
If viable, the technology could transform the insurance industry through a shared, transparent record of contract-related information.
“Blockchain has the power to transform information into value,” Munich Re Global Head of Innovation Harald Rosenberger said. “We are keen to explore its potential for reinsurance and beyond in an even larger B3i community.”
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