A blockchain technology consortium spearheaded by a global group of insurers has added several new members.
The B3i project – short for the Blockchain Insurance Industry Initiative – was launched in October, an effort aimed at providing a way for insurers like Allianz and Swiss Re, among others, to swap information and collaboratively test prototypes and use cases.
While some insurers have been testing blockchain independently, B3i offered the chance to conduct those experiments under one roof. Since launch, other insurers, including Liberty Mutual, Sompo Japan Nipponkoa and the Reinsurance Group of America have joined.
Now, the initiative is expanding its membership once again.
A trio of insurers – Hannover, Generali Group and SCOR – all announced that they are taking part in the B3i project. In statements, the companies indicated that, if successful, the project could have a material impact on how they do business.
Gerhard Ebeling, Hannover’s general manager and head of department IT operations, said in a statement:
“Blockchain technology has the potential to optimize business processes and value chains in the insurance industry. With the B3i initiative we now have a platform of the efficient and trendsetting testing and improvement of inter-company processes.”
Read more ... source: CoinDesk
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