The Blockchain Insurance Industry Initiative (B3i) has announced that three new insurers have joined its ongoing funding round.
Founded in October 2016 as an insurance industry consortium, B3i is a global initiative supported by 16 major insurance industry investors and a diverse community currently comprising over 40 companies. It is building a broadly-supported platform and protocol to address critical insurance industry needs through growing its network and developing partnerships with other company-led and industry-led initiatives throughout the world.
Last month, B3i raised around $16 million in a funding round to develop a blockchain trading platform for a value-added chain of the entire insurance industry. In its latest announcement, the group said three new insurers have joined the funding round, but did not disclose figures. The new additions are Mapfre Re, Deutsche Rück, and VIG Re.
B3i said that some of the funds will be used to launch its product that focuses on multi-company syndicated risk placement, accounting and claims. The product will reportedly enable substantial gains in both efficiency and security, employing the latest technologies including R3’s Corda blockchain.
“The first phase of the product is currently being evaluated by several insurers, reinsurers and brokers,” B3i said. “Through the B3i Community Programme, invitations for the second wave of participants are currently being extended. The production platform is scheduled to be available in Q4, providing ramp up and familiarity testing prior to adoption in actual business renewals at year-end.”
B3i also announced that it has constituted a Board of Directors that includes nine senior executives of the investor companies. These senior executives will help B3i drive product delivery and early adoption.
“B3i will continue to expand its shareholder and user base over the next several months as the initial products are rolled out,” said Antony Elliott, Group Head of Business Transformation at Zurich Insurance Company Ltd and newly elected chairman of B3i. “I would like to thank my predecessor Gerhard Lohmann for his tireless efforts to bring this concept to reality as founding chairman of B3i.”
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