Blockchain Insurance Startup B3i Names John Carolin As Chief Executive Officerbr>
The Blockchain Insurance Industry Initiative (B3i) has appointed John Carolin as Chief Executive Officer of B3i Services AG.
Founded in 2016, the B3i is a collaboration of 15 global insurers and reinsurers formed to explore the potential of using distributed ledger technologies (DLT) within the industry for the benefit of all stakeholders in the value chain. The B3i is backed by notable firms including insurance giants AIG and AIA as well as founding members like Allianz, Aegon, and Swiss Re, among others. Last year, the founding companies incorporated B3i Services AG in Zurich, Switzerland as an independent company.
Carolin, who joined B3i as Chief Financial Officer in March 2018, has extensive experience across the insurance and reinsurance industry, and has founded, led, and grown numerous ventures that include a carbon offset platform, a retail property asset manager, and a B2B advertising marketplace.
As B3’s interim CEO, Carolin has overseen the delivery of B3i’s first product, a Cat XOL reinsurance placement system built on R3 Corda distributed ledger technology which will be released later this month. Going forward, Carolin will lead B3i as it matures into a customer-centric software development company that partners with and serves the global insurance industry, its brokers, and its customers.
“John has a unique blend of experience working with both corporates and start-ups, which the Board of Directors and I believe makes him ideally suited to lead the new B3i,” said Antony Elliott, Chairman of the Board of B3i. “He has demonstrated as interim CEO that he understands both the insurance market and how to deliver a compelling product.”
Carolin said that B3i will enable material time and cost savings that can only be achieved by working together as an industry rather than alone.
“B3i has the extraordinary advantage of being entirely owned by 17 of its customers and having already built a community of more than 40 insurers, reinsurers, brokers, and related companies,” Carolin said. “I look forward to leading the B3i team as we execute on a bold vision to enable better insurance through frictionless risk transfer. Our team of subject matter experts is highly motivated, especially following the very positive feedback received last month at our Hackathon to test the initial product.”