Insurance industry blockchain group B3i has signed up 23 new members, including QBE Re, for a market-testing program to begin this month.

The prototype for testing was unveiled at the Reinsurance Rendezvous in Monte Carlo last month and will involve the new participants and 15 previous members.

“QBE Re joined the B3i initiative because we strongly believe it has the right foundations in place to drive more efficient data processing across the whole reinsurance value chain, to the benefit of all parties involved,” Head of Reinsurance Operations Piet Haers told insuranceNEWS.com.au.

The industry has been striving for decades to achieve more efficient data exchanges between various market players, with limited previous success, he says.

“The speed with which B3i managed to build a working and testable prototype, coupled with the level of support it was able to garner globally, is impressive and we hope a strong indicator of broader market adoption and ultimately future success.”

New entrants also include AIA, AIG, Aon, Chubb, Covea, Everest Re, Gen Re, Guy Carpenter and Marsh, FLT Re, Leadway Assurance, LocalTapiola, Mapfre Re, Navigators, Partner Re, SAHAM Assurance, Sava Re, Takaful Emarat, TigerRisk, Trust Re, UnipolSai and Willis Re.

Companies will simulate the creation and management of property catastrophe contracts, all the way through to automated calculations for claim payment.

B3i says feedback from the trial will help develop a viable production platform for the insurance and reinsurance industry by the second half of next year.

“In less than a year B3i has become truly global, both in terms of the work we are undertaking and the companies we represent,” Paul Meeusen, from founding member Swiss Re, says.

“We look forward to working with the new entrants that will take part in our market testing, and to learning from each other’s expertise and experience.”

B3i plans to restructure as a limited liability company next year, with research and development functions and commercial operations.

Other members are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual Insurance, Munich Re, Reinsurance Group of America, Scor, Sompo Japan Nipponkoa Insurance, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.