Ten more major industry players have joined a consortium that aims to study the potential use of blockchain in improving processes in the insurance sector.
The Blockchain Insurance Industry Initiative (B3i) has added 10 new members including Hannover Re, Generali, Ageas and Liberty Mutual, Reuters reported.
The consortium members will collaborate to explore the ability of distributed ledger technologies to increase efficiencies in the exchange of data between reinsurance and insurance companies.
The participating re/insurers will implement a pilot project aimed at transacting reinsurance contracts among each other. The consortium is expected to share its first results in June 2017.
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According to Generali, blockchain could transform the insurance industry through a shared, transparent record of contract-related information. Streamlining communication and transactions would then improve industry processes and provide better insurance services to customers.
“The blockchain initiative is particularly important in insurance where the secure and efficient exchange of information can benefit from disruptive technology that could eventually lead to game-changing applications,” said Steve Hales, head of connected insurance at Generali.
Since its launch in October 2016, B3i has gained broad attention across the industry and beyond, attracting new members from Asia, Europe and the Americas. The other companies that are part of the consortium are Achmea, Aegon, Allianz, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance, SwissRe, Tokio Marine, XL Catlin and Zurich.
“We believe that B3i is a key initiative in the insurance ecosystem that could further modernize our industry and pave the way to unexplored opportunities,” said Paolo Ribotta, head of Generali’s global corporate and commercial unit.
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