In a collaborative effort, members of the B3i initiative will explore the ability of Blockchain technology to increase efficiencies in the exchange of data between reinsurance and insurance companies.
To further explore the potential use of distributed ledger technology for the insurance industry, Hannover Re has joined the Blockchain Insurance Industry Initiative B3i. Since its launch in October 2016, the initiative has gained broad attention across the industry and beyond, while achieving a truly global scope with additional members joining from Asia, Europe and the Americas. The current 15 members of B3i are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance, Swiss Re, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.
“Blockchain technology has the potential to optimise business processes and value chains in the insurance industry. With the B3i initiative we now have a platform for the efficient and trendsetting testing and improvement of intercompany processes. We are therefore pleased to be part of this initiative and to have an opportunity to develop common standards for our industry”, said Gerhard Ebeling, General Manager and Head of Department IT Operations at Hannover Re.
In a collaborative effort, members of the B3i initiative will explore the ability of distributed ledger technologies to increase efficiencies in the exchange of data between reinsurance and insurance companies. In order to realize a proof of concept, the participating members will implement a pilot project aimed at transacting reinsurance contracts amongst each other. If Blockchain technology proves to be a viable tool, it could transform the insurance industry through a shared, transparent record of contract-related information. Streamlining communication and transactions would subsequently improve industry processes and provide better insurance services to customers. The Blockchain Insurance Industry Initiative B3i intends to share first results in June 2017.