Blockchain insurance start-up B3i has released the latest version of its property catastrophe excess of loss reinsurance application and successfully deployed it to production environments ahead of year-end renewals.
The B3i Cat XoL product has the ability to cover the majority of Cat XoL contracts transacted in the market today, providing customers with the ability to negotiate and manage contract workflows on the B3i platform
The product facilitates easy and cost-effective negotiation of terms, agreement of 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 distributed ledger technology solution, is expected to significantly improve contract certainty and to reduce operational risk and administrative costs.
Since the release of v1.0 to B3i’s community members in July 2019, the B3i team have incorporated a significant number of additional functionalities. Through this year end renewal, several B3i customers intend benchmarking the effects of these improvements.
B3i is a global initiative supported by 19 major insurance industry investors and a
diverse community currently comprising over 40 companies. It was founded in
October 2016 as an insurance industry consortium, which then formed B3i Services
AG as an independent company. Its aim was test whether distributed ledger technology could provide any value to the insurance industry. The result was its B3i Fluidity platform, on which the new B3i Cat XoL product runs. The aim is to develop more products to run on Fluidity.
John Carolin, B3i Chief Executive Officer said: “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.”
B3i, Cat XoL, Blockchain, Insurtech, Insurance, Reinsurance, Catastrophe, John Carolin, UK
Credit: Source link