Monday, November 20, 2017

Consortium to explore use of blockchain in insurance

The Blockchain Insurance Initiative (B3i), a consortium of three firms, will try to find out how the use of blockchain could transform the insurance sector through a shared, transparent record of information that will allow data transfers in seconds.

The consortium is planning to announce several new members in the next weeks and hopes to create an organisation to manage contracts and claims by 2018.

B3i was created by the world’s two largest reinsurers, Munich Re and Swiss Re, along with insurers Aegon, Allianz and Zurich.

Paul Meeusen, who leads the B3i project at Swiss Re, told reporters on the sidelines of a blockchain conference that the consortium will begin testing its database in eight weeks and present results in mid-June.

If everything goes according to plans, the group could create a separate operating entity in 2018, he said.

 

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