The Blockchain Insurance Industry Initiative (B3i) has raised around $16 million in its latest funding round, according to corporate registry filings in Switzerland.
Founded in 2016, the B3i is a collaboration of 15 global insurers and reinsurers formed to explore the potential of using distributed ledger technologies (DLT) within the industry for the benefit of all stakeholders in the value chain. The B3i is backed by notable firms including insurance giants AIG and AIA as well as founding members like Allianz, Aegon, and Swiss Re, among others.
The latest funding, which brings the initiative’s total capital to over $22 million, will reportedly be used to develop a blockchain trading platform for a value-added chain of the entire insurance industry.
“In commercial insurance, our first focus will be property insurance, specifically in six selected countries in Europe,” B3i CEO Paul Meeusen said in November 2018. “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. With our commercial initiative, B3i is looking to create standards and a common terminology for all partners, and integrate all the information regarding the contract on one platform while automating functionalities of the contract.”
According to the filings, B3i has also added new executives from existing consortium members. Gerhard Lohmann, CFO of reinsurance at Swiss Re, left his position on the B3i board and was replaced by Theo Bachmann, a managing director and the head of the property and casualty (P&C) insurance underwriting center at Swiss Re. Daniel Quermia, CFO and director at Spanish insurance company MAPFRE RE, has also been added as a board member.