Blockchain Insurance Group B3i launches its first product on the R3 Corda

B3i, a start-up from the consortium that is working to use blockchain technology in the insurance industry, has launched its first product on Corda's R3 platform.

Revealed Wednesday, the release of version 1.0 of B3i of its reinsurance product Excess of Loss, Catastrophe of goods, comes one year after the announcement of the use by Corda of its future products.

The new Cat XoL product is designed to accelerate the market and reduce costs by enabling insurers, brokers and reinsurers "to interact, negotiate and place risks more efficiently and securely".

The firm said:

"The Cat XoL B3i product is a" one-of-a-kind "proposal that provides an integrated network of B3i V1.0 nodes across the market. The integration of brokers with insurers and reinsurers provides participants with a dedicated infrastructure for the execution of risk transfer, where the data is not only exchanged, but also notarized and certified. "

The product removes the need for some manual and tedious tasks from the process of renewing an insurance treaty. It also ensures that only relevant parties have real-time access to contract terms, offers and signatures, eliminating the "uncertainty of contract" that plagues the current manual process, the firm said.

It is also said that the operational risk is reduced through the elimination of manual errors such as double data entry.

B3i stated that it "worked with the market" to develop the product.

Sylvain De Crom, Director of B3i Products, said:

"B3i delivers its first application and it's our first opportunity to share with the wider market, not only the Cat XoL app, but also the wider infrastructure we've built up to date." now. The importance of this publication is fundamental to providing the insurance market with the ability for transparent trading, efficient placement and contract certainty on a distributed platform allowing parties to retain ownership of their data. . "

The president of the company, John Carolin, appointed in July, added: "This is a crucial moment for B3i."

In February, the startup has quietly collected about $ 16 million, bringing its total funding to more than $ 22 million, according to business register filings in Switzerland.

John Carolin image courtesy of B3i