China Pacific Insurance Group (CPIC) has invested in the international insurance blockchain alliance B3i.
As part of the investment, financial terms of which were not disclosed, CPIC’s Li Hao will join the B3i board as the insurer’s representative.
Other shareholders in B3i include some of the largest global insurance names, such as: Achmea, Aegon, Ageas, Allianz, AXA, Deutsche Rück, Generali, Hannover Re, Liberty Mutual, Mapfre Re, Munich Re, SBI Group, SCOR, Swiss Re, Tokio Marine, VIG Re, and Zurich Insurance Group.
“In recent years, CPIC has enhanced its service capability through employment of innovative technology,” said Gu Yue, chairman of China Pacific Property Insurance Co., the general insurance arm of CPIC. “We hope that the strategic cooperation with B3i will give us more insight in the leading practice in blockchain technology standards, protocol design and network building. Together with other important market players, we will actively employ the implementation of blockchain technology in the insurance industry to help upgrade market practice and reduce cost, and further enhance insurance services to our clients.”
CPIC is a major insurance group in China providing risk protection solutions, wealth planning, and asset management services to more than 126 million customers. It has been part of the Fortune Global 500 list for nine consecutive years, ranking 199th in 2019.