Blockchain insurance industry initiative B3i adds 3 new members

Italian insurer Generali Group, French reinsurer SCOR and German reinsurer Hannover Re are new additions to the blockchain insurance industry initiative B3i.

The B3i project was launched in October, an effort aimed at providing a way for insurers like Allianz and Swiss Re, among others, to swap information and collaboratively test prototypes and use cases.

“Blockchain technology has the potential to optimize business processes and value chains in the insurance industry. With the B3i initiative we now have a platform of the efficient and trendsetting testing and improvement of inter-company processes,” said Gerhard Ebeling, Hannover’s general manager and head of department IT operations.

The entry of new members comes amid reports that B3i stakeholders are accelerating a key prototype.