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Blockchain initiative B3i adds 23 new members, including 3 from MENA

Source: Middle East Insurance Review | Nov 2017

Global Middle East North Africa InsurTech

The Blockchain Insurance Industry Initiative B3i has expanded with 23 new members, including three companies from MENA – SAHAM Assurance, Takaful Emarat and Trust Re – which will help with B3i’s upcoming market testing programme.
 
   The remaining 20 members included global re/insurers and brokers: AIA, AIG, Aon, Chubb, Covea, Everest Re, Gen Re, Guy Carpenter, Marsh, JLT Re, Leadway Assurance, LocalTapiola, Mapfre Re, Navigators, PartnerRe, QBE Re, Sava Re, TigerRisk, UnipolSai and Willis Re.
 
   The move follows the launch of a working market testing prototype at this year’s Monte Carlo Rendez-Vous in September, said a statement from B3i, to explore the potential use of distributed ledger technology within the insurance industry for the benefit of all stakeholders in the value chain.
 
   Market testing of the prototype began last month, following on boarding and the provision of training to all member companies. Each participating company will simulate the creation and management of property catastrophe insurance contracts in order to test post-placement processes. This will apply from the setting up of the contract through to the automated calculation for payment of claims.
 
   The testing companies will provide feedback based on their experiences using the platform, thereby contributing to the development of a viable production platform for the insurance and re/insurance industry by the second half of 2018.
 
   B3i said it will also embark on developing and prototyping further use cases during 2018 for market adoption. This will be done by leveraging the collective views of the expanded membership to prioritise projects which extend beyond the current P/C reinsurance horizon.
 
   Launched in October 2016, the 15 initial members of B3i are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual Insurance, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance, Swiss Re, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group. M 
 
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