Five big European insurance companies launch blockchain initiative B3i

Announcements | October 21, 2016 By:

Five of Europe’s biggest insurers have teamed up to launch a blockchain initiative that aims to explore the potential of this innovative technology.

The project, dubbed the Blockchain Insurance Industry Initiative, or B3i, is aimed at providing a meeting ground for the companies to exchange ideas, test use cases and pursue concepts that could ultimately reshape how they deliver insurance services. The firms taking part are Allianz, Aegon, Munich Re, Swiss Re and Zurich, constituting some of the biggest companies of their kind in the region.

The initiative will allow insurers and reinsurers to get a better insight into the applicability of the blockchain technology in the insurance market. In addition, it offers a platform to exchange insights regarding blockchain and potentially other technologies, use case experiments and research information.

“This initiative aims to facilitate the transition from individual company use cases to viable solutions across the entire insurance value chain,” said Munich RE.

The initiative is open to other insurers and reinsurers and its ultimate ambition is to assess how blockchain technology can be established as a viable tool for the insurance industry in general and for insurance clients in particular.