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B3i – A team growing a Network, establishing a Platform and curating an Ecosystem

B3i – A team growing a Network, establishing a Platform and curating an Ecosystem

Growing up, Soccer (Football) was a big part of my life. Our under 8’s team was almost unbeatable. We won our local league and several tournaments. One particular tournament has always stuck in my mind, but for the wrong reasons.

Walter was our center forward, and a pretty competent and motivated striker. Every time he scored a goal, his father would give him R5.00 (US 30¢). I recall in the closing minutes of our final game in this tournament, Walter managed to beat the last defender, leaving only the goalkeeper standing between us and victory. The goalkeeper came off his line to shut down the angles on goal. Standing on Walter’s inside was a teammate with a now completely open goal mouth in front of him, all it would have taken was the simplest of passes to him and we would have been assured of victory. You may well predict what happened next. Let’s just say, Walter didn’t get R5.00 and we didn’t get the win.

Growing up playing team sports has shaped my idea of what a successful team is. Who scores the goals is less important than scoring goals.  A goal saved by your selfless goalkeeper is as valuable as a goal scored by your prima donna striker. Each individual has their own talents, skills, and roles within a team, and how effectively you coach and coordinate the members of the team is the difference between success and failure.

 

B3i as an enabler  -  Why protocols are important to the Ecosystem

Consider telephony as a metaphor, where telecommunication standards and a globally connected network provide a reliable way for people and companies to connect and communicate. A person in Kansas can use a directory to find someone in Beijing, dial their number and hear their voice. While this level of connectivity is an incredible example of global interoperability in telephony, if those people do not speak a common language, communication is impossible without the use of an interpreter. Whilst an interpreter is helpful, how can each party be absolutely certain that the accuracy of their words, as well as their true intent, is being accurately understood and conveyed by the interpreter? There is no guarantee of an agreed single source of truth that can be relied upon by either party.

These challenges are ever present and acute in a world where heterogeneous processes and software are used for the execution of multi-party business transactions. Information shared between counterparties is subject to translation and interpretation, leading to expensive reconciliations, checks and controls.

Whilst interoperable DLT is important to the B3i ecosystem to ensure that applications are looking at the same data, a common Risk Transfer Language is paramount to guarantee that there is a common understanding of what that data represents. The adoption of this protocol prevents the need for data translation, preserving the single source of truth not only between parties using the same application but also between different applications.

 

Over the last year at B3i, we’ve focused on having the right team in place to put the ball in the net; to successfully deliver on our promises. Since last March we’ve had a 12-person strong coaching staff cheering us on from the board room, and by the end of last year we’d grown to approximately 50 people out on the field.

Early this year, MSG became a delivery partner to B3i, integrating into our existing delivery team and enabling us to increase our development velocity. Owing to a sizeable overlap in our target customer base and complementary competencies, we have also begun exploring a deeper collaboration for the benefit of the Insurance industry.

Having the right playing partners is essential for enabling us to grow the Network, establish the Platform, and ultimately curate a functionally rich Ecosystem of  third party applications. As a company owned by cooperative competitors, B3i’s primary focus is to continue its role as an Ecosystem enabler by creating protocols, safeguarding interoperability and curating minimum standards.

 

Third party Applications enrich our Ecosystem

With the recent announcement of our first third party application, Ritablock, and the growing interest in partnering with B3i, we are starting to see this vision take shape. Such applications and partnerships allow B3i to extend its reach, focusing on common platform components and protocols that address market level problems and allow rapid and compliant application development, with partners focused on the depth of functionality required for specific customer needs.

By mutualising common industry infrastructure, B3i is uniquely positioned as a team that can address inefficiencies that individual companies cannot address alone, while simultaneously providing a digital platform where companies can innovate and differentiate themselves.

 

Join the team

We are excited to see the speed at which new projects, both company specific and joint industry initiatives, are emerging. At B3i, we very much look forward to teaming up with customers, partners and application developers to digitally transform the Insurance industry, giving end consumers faster and better access to insurance.

If you’re interested in learning more about how to team up with B3i, or have innovative ideas that can leverage the B3i network to develop solutions or provide services to the insurance industry, feel free to reach out to us to learn more.

John in front row, right.

Image: John Carolin in front row, right.

 

 

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