B3i, the Blockchain Insurance Industry Initiative, at the SCOR Annual Conference 2018
Speaking at the SCOR Annual Conference 2018, Paul Meeusen, CEO of B3i, explained how the initiative uses blockchains to improve efficiency across the (re)insurance industry.
B3i Services AG, of which SCOR is a founding member, is a startup formed by (re)insurance companies to explore the potential of using Distributed Ledger Technologies within the (re)insurance industry, for the benefit of all stakeholders in the value chain. Blockchain can be defined as transparent technology used to store and transmit information, with the goal of enabling secure, automated peer-to-peer transactions.
Paul Meeusen explained how blockchains can improve efficiency across the industry, by helping insurers and reinsurers to focus more on underwriting risk and less on operating risk.
The (re)insurance value chain involves different kind of actors – clients, brokers and insurance companies, reinsurers, and retrocession and securitization providers. Via its blockchain platform, B3i provides solutions that offer accountability, transparency and security in a complex environment.
Paul Meeusen, CEO of B3i
For Paul Meeusen, CEO of B3i, efficiency is of the essence: by mitigating operational risk, “blockchains help insurance companies focus on what they ought to do most and be good at - underwriting and dealing with underwriting risk.”
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