Also known as the Blockchain Insurance Industry initiative, B3i is set to offer insurance solutions with a base on the leading blockchain technology. The move aims at triggering the start of the much-needed improvements in the efficiency of service delivery in the valuable reinsurance sector. The company is a formation of 15 insurance companies with an interest in the exploration of the use of blockchain in insurance.
How Does B3i Function?
The first product of this company is a form of blockchain prototype for Property Cat XOL contracts. Through the prototype, the developers of B3i seeks to demonstrate the importance of possibility that fast, efficient and more secure transactions could bring to the insurance sector. The product has been able to undergo a series of functionality tastes by a group of over thirty-eight insurers, brokers, and reinsurers. The fast testing aimed to ensure that the product works well within the current requirements while surpassing the present-day systems.
However, those with interest in live trades will have to wait a little bit longer as they are set to kick off towards the end of 2018. Claims going around also indicate that the innovators are currently working on coming up with several other products, as a move to support further developments.
Now, the company seeks to increase its funding through the full range of insurance sector participants. All this will be possible through the development of a decentralized ecosystem with multiple products and services to satisfy the needs of on-board members. The products and services will be an innovation of users and will only customize for other users.
The applications of the Property Cat XOL contracts operate on shared processes, calculations, reporting and settlements in the distributed ledger. However, each organization will have access to a private ledger to store their data.
What Do I Stand To Gain From B3i?
Apart from the benefits as mentioned earlier, investors of B3i get to share the Master Data Ledger that provides all general information on public organization profile and standard contract clauses.
Also, there is the communication ledger that stores all information about private organizations consent between parties. Additionally, through the distributed ledger, users get to request for quotes either directly or through brokers within preset standards of operations. Through this, each party gets to receive and access messages meant for them. The benefits spread to contract signing, which simplifies the whole process.
Furthermore, since the platform operates on a HyperLedger Fabric Technology, it helps to provide secure and confidential transactions, while maintaining efficiency at all levels. Also, this ensures flexibility to input complex business designs and other pluggable components for better functionality.
Why Shouldn't I Invest?
Although the B3i platform seems like an excellent opportunity for stakeholders in the insurance industry, there is so much complexity in the information present on their official website that isn't beginner friendly. Therefore, if you are a beginner, you might have to seek the services of an expert to understand what you are investing in from the beginning entirely. However, overall, the site looks organized with appropriate information to guide in decision making.
B3i is made up of a team of insurance experts that seek to bring, massive changes in the industry. The platform offers reinsurance solutions on blockchain technology for fast and secure service delivery.