Blockchain Insurance Initiative B3I Raises $16 Million to Target the Commercial Insurance Market
One of the well-known blockchain insurance initiatives in the world today B3I raised about $16 million last month, thus, increasing its total funding to $22 million – as per the news reported by the Corporate Registry Fillings in Swiss Commercial Register
The corporate raised $6.35 million in form cash and the rest came from converted debts, the registry filings suggest. Also, as part of the bid to target the commercial insurance market, B3I gathered $8.34 million in March last year.
Nevertheless, several outlets reported that the blockchain insurance company is looking for more funds and it is gearing towards raising its present capital to more than $200 million.
No doubts, blockchain creates a more secure ledger of information that stops unapproved modification of information. In this view, it is seen that blockchain is well-suited for insurance contracts which involves several parties.
Furthermore, B3I, at the time of its launch in 2018, raised $6.35 million.
B3i CEO Paul Meeusen, stated this to Intelligent Insurer in November 2018:
“We are currently about to complete a funding round working with existing and new shareholders mainly focusing on re/insurers and brokers.”
The shareholders of B3I for the funding include Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Tokio Marine, XL Catlin, and Zurich Insurance Group. Due to the partnership with these reputable companies, B3I focuses on distributing ledger to modernize claims handling and targeting the commercial insurance market.
Meeusen also added that,
“In commercial insurance, our first focus will be property insurance, specifically in five EU countries, namely France, Germany, Italy, Spain, and the UK, as well as in the US.”
To foster its goals, B3I held a workshop last year in Zurich for studying how blockchain can be applied to the commercial market. The company aims to do more of such this year to enhance its goals.
“Corporates typically have captives which go to a broker which goes to commercial insurance companies which then often go to a reinsurer. The issue we hear is that the chain is too long.”
It is also worth to know that in occasions such as the collapse of the bridge in Genoa, conglomerates exchange of information with other parties and insurers; blockchain can be a way to make the exchange more efficient.
With new initiatives coming in, B3I is searching to create new ways and standards for all its cohorts, and also incorporate the data that regards the contracts on the platform.
B3I Shuffles its Board Members
In other news around B3I, the blockchain company has decided to reorder its executives by adding new members from its existing group, according to financial records.
Theo Bachmann, the managing director of P&C (Property and Causality) at SWISS Re replaced Gerhard Lohmann, the CFO of SWISS Re.
The only new member of the board who was not part of the consortium’s existing group was Daniel Quermia, the director of MAPFRE RE.