Pozavarovalnica Sava dd : Sava Re Joining B3i Prototype Market Testing Phase

The B3i (Blockchain Insurance Industry Initiative) initiative was launched by major insurance and reinsurance players in order to test the blockchain platform. Sava Re is joining the B3i initiative in its testing phase.

The working market testing prototype was successfully launched at the Monte Carlo RVS conference in September this year. The B3i initiative has now announced that it is expanding with 23 new members joining its market testing programme, including Sava Re.

Since its launch almost a year ago, the initiative has attracted wide attention in the industry and beyond. The group is now attaining a truly global scope, attracting companies from Africa, Asia, Australia, Europe, the Americas, the Middle East and the Caribbean.

Paul Meeusen of B3i: 'I am very pleased to welcome 23 new companies to B3i. In less than a year B3i has become truly global, both in terms of the work we are undertaking and the companies we represent. We look forward to working with new entrants who will take part in our market testing, and learning from one other's expertise and experience.'

The initiative has fifteen old members: Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual Insurance, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance, Swiss Re, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.

The new entrants joining B3i are: AIA, AIG, Aon, Chubb, Covéa, Everest Re, Gen Re, Guy Carpenter/Marsh, JLT Re, Leadway Assurance, LocalTapiola, Mapfre Re, QBE Re, PartnerRe, Navigators, SAHAM Assurance, Sava Re, Takaful Emarat, TigerRisk, Trust Re, UnipolSai, USAA and Willis Re.

Market testing of the prototype will commence in October 2017, following onboarding and the provision of training to all member companies. Each participating company will simulate the creation and management of property catastrophe insurance contracts in order to test post-placement processes. This will apply from the setting up of the contract, through to the automated calculation for payment of claims.

The companies are scheduled to provide feedback based upon their experiences using the platform, thereby contributing to the development of a viable production platform for the insurance and reinsurance industry by the second half of 2018. B3i will also embark on developing and prototyping further use cases during 2018 for market adoption. This will be done by leveraging the collective views of the expanded membership to prioritise projects which extend beyond the current P&C reinsurance horizon.

Early next year B3i will put in place a new structure designed to better serve its members and future platform users. This will take the form of a limited liability company structure, with a research and development function and commercial operations. Further details about this will be published before the end of the year.

Chairman of the Sava Re management board, Marko Jazbec, on joining B3i: 'Sava Re is eager to co-create the technological future of the insurance industry. This is the best way to address both business and operational risks that the industry is increasingly facing.'

For further information about B3i and its product development, please contact info@B3i.tech.