MAPFRE RE is one of the shareholders of this network, which will begin to deploy Property Catastrophe Excess of Loss.
B3i, of which MAPFRE RE is a shareholder, has announced the release and and subsequent deployment of its latest Property Catastrophe Excess of Loss application to customers’ production environments ahead of year-end renewals.
The B3i Catastrophe Excess of Loss (Cat XoL) product is an evolution of the original prototype developed when it was a consortium group. It has evolved substantially through further development within B3i and taking account of the various feedback channels established with market participants and members of the B3i community.
Whilst the application brings many benefits to users, the main interest from users lies in the manner in which it will minimize manual processes so that each party to a contract avoids having to re-key information. This also reduces the risk of errors creeping in as human intervention in the data is minimized. In addition, full transparency is enabled by sharing a common view of the current contract state.
The B3i Cat XoL product has the ability to cover the majority of Cat XoL contracts, which are transacted in the market today, providing customers with the ability to negotiate and manage contract workflows on the B3i platform.
B3i is a global initiative supported by 19 major insurance industry investors and a diverse community currently comprising over 40 companies. B3i was founded in October 2016 as an insurance industry consortium, which then formed B3i Services AG as an independent company. B3i is building a broadly-supported platform and protocol to address critical insurance industry needs through growing its network and developing partnerships with other company-led and industry-led initiatives throughout the world.