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Cat XoL Product deployed to Customers’ Production environments

Cat XoL Product deployed to Customers’ Production environments

Cat XoL Product deployed to Customers’ Production environments

 

B3i today announced that it has released the latest version of its Property Catastrophe Excess of Loss Reinsurance application and its successful deployment to production environments ahead of year end renewals. The product runs within the B3i Business Network, part of the global Corda Network.

Customers are now readying themselves for the upcoming year-end contract renewals. The product enables them and their counterparties to easily and cost effectively negotiate terms, agree rates and complete contract placements. Historically this multiparty process has been facilitated by email with inherent risks and inefficiencies around version control, data integrity (transposition errors), document management and security.

The immutability of contracts placed via this product, enabled by B3i’s DLT solution, significantly improves contract certainty, reduces operational risk and administrative costs. Through this year end renewal, several B3i customers intend benchmarking the effects of these improvements. For example, some early indications suggest that this could reduce the number of emails sent by more than tenfold.

 

By the market

B3i has been working very closely with the key market participants, Brokers, Insurers and Reinsurers to optimally design the product in a way that benefits these players. This reflects B3i’s core philosophy of “by the market for the market” through which close engagement with customers is an intrinsic part of our development process.

This is illustrated in the way we have had continuous interactions with a highly dedicated customer advisory and testing team, regular customer feedback sessions and a testing hackathon event. Throughout the journey, we have been providing customers with early versions of the application to test through which B3i has benefited from first-hand feedback helping to ensure that important functionality is prioritised, and the product meets customer needs.

 

Key features of the product

The B3i Cat XoL product has the ability to cover the majority of Cat XoL contracts which are transacted in the market today, providing customers with the ability to negotiate and manage contract workflows on the B3i platform.

Since the release of v1.0 to our community members in July 2019, the B3i team have incorporated a significant number of additional functionalities some of which we describe below.

On the contract structuring side, our shipped version includes new functionality like advanced Property Cat XoL contract structuring and the ability to add an unlimited number of layers and nested sections. Customers can now make use of a flexible definition of Scope of Coverage, with inclusions and exclusions.

Within the product, customers have the ability to perform contract negotiation version comparisons, further ensuring contract certainty. The existing messaging system has been further enhanced to include bound context.

 

Additional functionality in v1.1:

  • Advanced Property CAT XoL contract structuring
  • Unlimited number of layers and nested sections
  • Flexible definition of Scope of Coverage, with inclusions and exclusions
  • Basic portfolio management functionality
  • Lead/quoting market placement
  • Negotiation orchestrations
  • Contract negotiation version comparison
  • Follow market placement
  • Endorsements
  • Contract audit trail and lifecycle
  • Placement status overview
  • Clause library
  • Contract export in PDF
  • Enhanced messaging with bound context
  • Document sharing

 

 

Further developments

With this lighthouse product launch underway, B3i is open for business. In order to enhance our customer journey, we have been building up our sales and service infrastructure. Fabrizio Faraone joined B3i in the capacity of our new Head of Business Development and Sales. In addition to Fabrizio, we have hired several dedicated account managers as well as extended our service team. The Business Development and Sales group will spearhead the effort to increase adoption of the Cat XoL product and additional applications as the company moves its focus to commercial operations.

 

Chief Product Officer, Sylvain De Crom commented “Everybody in B3i is very excited and proud to ship this product to our customers. We see this product as much more than a single insurance application; it is the first step of a whole family of B3i and partner products. We will be extending the functionality of our lighthouse product by, for example, adding technical accounting and claims. In addition, by leveraging the underlying B3i Fluidity platform, we will expand our product range through collaboration with partners.

“We are developing the Fluidity Software Development Kit (SDK) to provide partners with reusable components that enable them to significantly accelerate production and deployment of their insurance applications.”

John Carolin, B3i Chief Executive Officer added, “In future, we can expect to see new products on our network which are the result of collaborative development with partners. Growing our B3i Fluidity platform and the B3i Business Network will offer users access to a wide range of highly interoperable and functionally rich applications, benefiting a wide array of industry participants.”

“This will also ensure that product development can be accelerated, bringing new products and services to market sooner.”

John also emphasised “The value to the market of being part of the network and accessing its applications lies in the material reduction in administration costs, improvements in service levels, and greater contract certainty that this will enable.”

John also expressed “There is an old African proverb: If you want to go fast, go alone. If you want to go far, go together. Our journey to this point has been made possible through the dedicated work of the B3i team, its partners and the broad and continued support we receive from our shareholders.”

 

MEDIA RELEASE

Download the full media release here.

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