To further explore the potential use of distributed ledger technology for the insurance industry, Ageas has joined the Blockchain Insurance Industry Initiative B3i. Since its launch in October 2016, the initiative has gained broad attention across the industry and beyond, while achieving a truly global scope with additional members joining from Asia, Europe and the Americas. The current 15 members of B3i are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, MunichRe, RGA, SCOR, Sompo Japan Nipponkoa Insurance, SwissRe, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.
Ageas COO Antonio Cano says: “We are very excited about joining the B3i consortium. We have been tracking the development of Blockchain for some time and can see opportunities emerging in the future where internal processes, transparency and cost efficiency could improve in the new digital world. To be involved with this initiative reflects our commitment to innovation and a strong entrepreneurial culture.”
In a collaborative effort, members of the B3i initiative will explore the ability of distributed ledger technologies to increase efficiencies in the exchange of data between reinsurance and insurance companies. In order to realize a proof of concept, the participating members will implement a pilot project aimed at transacting reinsurance contracts amongst each other. If Blockchain technology proves to be a viable tool, it could transform the insurance industry through a shared, transparent record of contract-related information. Streamlining communication and transactions would subsequently improve industry processes and provide better insurance services to customers. The
Blockchain Insurance Industry Initiative B3i intends to share first results in June 2017.