B3i – a Blockchain insurance startup – is launching on R3’s Corda blockchain platform. In a recent press release, B3i stated the v1.0 of its Property Catastrophe Excess of Loss Reinsurance product is now live on the Corda Network and trails the successful testing of the live version of the application last month.
Sylvain De Crom, B3i Chief Product Officer said:
“B3i is shipping its first application and this is our first opportunity to share with the wider market, not only the Cat XoL application, but also the wider infrastructure we have built to date.
“The importance of this release is fundamental in delivering to the insurance market the ability for seamless negotiation, efficient placement and contract certainty on a distributed platform that allows parties to retain ownership of their data. We are all very proud to be able to use this new technology, to help make insurance faster, cheaper and better for all our customers across the world.”
John Carolin, B3i CEO commented:
“This is a pivotal moment for B3i, the team and its shareholders and this release is one we are proud to share. “Looking ahead, the team are working with our customers in preparation for a live parallel run for year-end renewals whilst working towards subsequent releases and a production-ready version in Q4 2019.
“B3i has laid the groundwork with this historic milestone, which paves the way as we continue to enhance the already rich functionality of our offering. In addition, B3i will be accelerating our partnership strategy to bring a broad array of solutions to customers. “It’s a busy time at B3i and we are excited about the future!”
- The application will offer key benefits for its users, over the traditional process:
Critically Reducing Effort in the manual activities required to place, renew and manage a CAT XoL treaty. For example, removing the need to replicate communication of the submission package to each participant in the treaty.
- Improving Contract Certainty as all parties share a common view of the state of the contract at all points in time. ‘First the deal, then the detail’ will become a thing of the past.
- Reducing Operational Risk due to the elimination of double keying, (trans)coding and management of the information currently supporting the placement of CAT XoL treaties.
B3i said that the new Cat XoL has been designed to make insurance “faster, cheaper, and better.” By reducing friction across the value chain, it will significantly improve the execution of the risk transfer process.