Why We Exist
B3i is creating a better insurance industry by developing standards, protocols and network infrastructure to remove friction in risk transfer. B3i’s shareholders and participants believe that new technologies can give end consumers of insurance better and faster access to insurance.
By acting together, we can optimise and automate market-wide processes, generating significant savings in time and cost that cannot be achieved by insurers or intermediaries acting alone.
Who is Behind Us
B3i Services AG was incorporated in 2018 and is 100% owned by 17 insurance market participants around the world.
Altogether, more than 40 companies are involved in B3i as shareholders, customers, and community members.
How we do it
Data is at the centre of the insurance industry, but legacy products, processes, and technologies degrade data and contribute to an unacceptably high administrative burden, while being unable to cope with the exponentially growing complexity and volume of data.
Meanwhile, legacy processes in insurance still revolve around the telephone and email rather than electronic platforms that other financial services industries have created.
A platform built on Distributed Ledger Technology can eliminate the duplication of data across applications, systems, and parties – along with the friction generated by duplication and degradation of quality. DLT provides a “single source of truth”, thus removing the need for traditional data transformation or integrations.
DLT guarantees that counterparties see an indisputable single view of shared data which obviates wasteful and error prone processes such as reconciliations. Shared applications that address common industry problems will provide a platform for individual participants to execute their digital transformation strategies.
“Better insurance enabled by frictionless risk transfer”
Our vision is to see the insurance market deliver better solutions for end consumers through faster access to insurance with less administrative cost.
Our mission is to:
- Create a DLT based network through the adoption of standardised systems and protocols
- Through the network, enable the market to optimise processes and capital allocation and generate significant cost savings
- Offer network users a variety of integrated applications from B3i and partners