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MAPFRE RE joins B3i (Blockchain Insurance Industry Initiative)

MAPFRE RE, within its innovation platform representing MAPFRE Group , has joined the Blockchain initiative for insurance, which recently launched at the Monte Carlo Rendez Vous 2017 a successful working market testing prototype with this encrypted technology.

Blockchain Insurance Industry Initiative (B3i) is a collaboration of insurers and reinsurers formed to explore the potential of using Distributed Ledger Technologies within the industry for the benefit of all stakeholders in the value chain.

The present 15 members of B3i (Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual Insurance, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance, Swiss Re, Tokio Marine Holdings, XL Catlin & Zúrich), are joined this month by 23 more companies, of which MAPRE RE is among them, in order to give this innovative project a global undertaking and take part of the market testing.

The working market testing prototype will begin this month. Each participating company will simulate the creation and management of CAT Property contracts to test the post-allocation. This will be applied from creating the contracts up to the automatized calculation of payment of claims.

The companies will share their experiences with the tool, this way contributing to the development of a viable business platform for insurance and reinsurance in the second half of 2018.

B3i will also embark on developing and prototyping further use cases during 2018 for market adoption.

At the beginning of 2018, B3i will put in place a new structure designed to better serve its members and future platform users. This will take the form of a limited liability company structure, with a research and development function and commercial operations.

Further details about this will be published before the end of the year.

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