About Us

Who we are

The Blockchain Insurance Industry Initiative (B3i) is a collaboration of insurers and reinsurers formed to explore the potential of using Distributed Ledger Technologies within the industry for the benefit of all stakeholders in the value chain.

The organisation was incepted in 2016 and is currently formed of 15 members from across the globe. As an industry initiative, all the members have equal rights and obligations in terms of financial contribution, resources and decision making.

We are focused solely on developing and testing technical developments aimed at better serving customers and enhancing transaction efficiency, thus promoting competition.

Picture of members
The members' circle

Our vision and mission

The vision for B3i is simple – it is about less admin and more insurance. This is grounded in improving risk data management and reducing processing time and administration effort.

Our mission is to:

  • Improve the way data, claims, capital, payments are disclosed, used, automated and managed
  • Focus on value adding client service, risk prevention and risk management
  • Make insurance risks more tradeable
  • Make insurance more affordable with an improved client experience

Ultimately, we seek to improve the efficiency of transacting insurance and reinsurance across the whole value chain and thereby reduce value lost through delays and manual reconciliations.

Our development

In March 2017, we commenced our first project as a Proof of Concept (POC) to create a Property Catastrophe XOL “smart contract”. This product was chosen as it represents the simplest form of contract on which to base our development and test the capability and viability of the technology. Concurrently, we have also developed common standards under which this and other products will operate.

B3i Timeline

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The objective of this POC is to test the viability and scalability of the technology and the business value for the industry. Following an agile and collaborative development framework, we are progressing our first prototype through a beta testing phase in 2017 and plan to have a parallel run of the platform in 2018 alongside real market contracts. This process is open to new entrants and enquiries about this can be made using the details in the “Contact Us” page.

Looking further forward, we will gradually expand applications across the industry value chain. New projects in the future will range from reinsurance, through commercial (B2B) to primary insurance (retail B2C) propositions.

Market wide testing

Blockchain is a mutual distributed ledger and by definition works best among a network of peers. We have to do this together as members and non-members of B3i to develop the necessary standards. The cooperation also ensures that we focus on solutions that add value and ultimately benefit our clients.

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Beta-testing of our prototypes will also rely on market wide feedback from primary insurers, reinsurers and brokers. During 2017, new companies will be invited to participate in beta testing as well as the parallel run programme in 2018.

What does blockchain do for us?

Blockchain technology provides a platform to achieve significant efficiencies by establishing a single and shared version of the truth through a distributed ledger. It also facilitates cryptographic security and the opportunity to develop smart automated contracts.

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As a result, we expect financial transactions will settle faster, cheaper, more transparently and with less operational risk. The benefits of using blockchain could come through enabling more efficient business processes across multiple stakeholders without “full trust” in each other. Through lowering the cost per transaction of insurances, we also expect the technology to increase competition and open new revenue streams and market segments.

The consequence is that we expect higher levels of service, better client experiences and improved working capital management.

Structure

The current organisation is formed under a Memorandum of Understanding. This has enabled the 15 members to share costs and resources efficiently and deliver a rapid prototype development.

A steering committee oversees all activity undertaken by sub-groups that lead product and technology development, strategy, marketing and legal& compliance.

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Our aim for 2018 is to change the structure into a legal entity which could better manage the operational implications of having a live product in the market including technology support and further research and development.

Further information about this plan will be provided later in 2017 including guidance on how to take part both in the governance of the entity, as well as user of the platform.

Joining

During the current POC development phase, formal MOU membership of B3i remains static in order to ensure that delivery of the prototype is prioritized over all other activity. The testing is open to new market companies (insurers, brokers and reinsurers) in order to ensure that as wide a range of feedback on the product is sought as well as optimising the technical platform and scalability.

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As we move into a new structure in 2018, a new governance structure will be designed in line with the operational and developmental objectives. This governance will steer the ownership and management of the B3i platform, in an appropriate legal entity form, as well as the governance of the user group.

We will communicate the new structure and governance as soon as plans permit. In the meantime, you can register your interest with us at any time. Please see the details in “Contact us” page.