B3i Tech Acquisition

In June, the B3i Tech Acquisition completed an important milestone: During the reinsurance Rendez-Vous de Septembre, it announced that its first reinsurance product – a reinsurance blockchain prototype for property catastrophe excess of loss (CAT XoL) reinsurance contracts – has been tested by a total of 38 insurers and reinsurers. The result: an enormous wave of feedback that highlighted issues that B3i could address.

One of those challenges involved the fact that implementing a fully digital reinsurance transaction would require every insurance company to change their IT systems and create smart contracts at the beginning of a policy. That’s a very visionary concept, but it will also take time, cost and investment, which many insurers and reinsurers are not willing to make.

B3i Tech Acquisition: Strategic Moves Reshaping Insurance Technology

Consequently, B3i changed the platform on which its reinsurance products will be developed: It now uses the Corda blockchain platform from software firm R3, which is often referred to as a distributed ledger. According to B3i CEO Paul Meeusen, the move was an “easier and less expensive solution” because it allows them to continue their development work while maintaining a high level of security.

Founded in 2016, B3i was established as a service provider in Switzerland and now operates under the name B3i Services AG. The consortium is owned by 20 major (re)insurers and is committed to creating a broadly supported platform and protocol to improve re/insurance efficiency, speed, transparency, quality and security.