Exclusive: B3i, the blockchain pilot involving 38 insurance companies, is to move from being a consortium to being an incorporated legal entity following its period of market testing.
B3i, launched in 2016, has members involved in a process of market testing to discover the use cases for blockchain in property casualty contracts.
The company will now become an incorporated legal entity, domiciled in Zurich, in order to be able to legally sign contracts, raise capital and distribute its platform to global reinsurers, insurers and brokers.
Post understands that the 15 founding members of B3i, including Zurich, Munich Re, Swiss Re, Aegon and Allianz, will become stakeholders in the company once it establishes its legal entity. It is at this point unclear whether all 38 members will become stakeholders.
Ken Marke, marketing and communications lead at B3i, told Post that the initiative is to establish its legal entity in mid-March of this year.
“We will be establishing the legal entity in mid-March of this year and will be based in Zurich,” Marke said.
“The founding 15 members will become stakeholders and we are hoping that those companies will go on to be customers of B3i. Once the 15 members have signed the papers, we will go out to market globally and launch a funding round to raise significant amount of capital to make sure we can trade and run for two to three years.
“Our target market is every broker, reinsurer and insurer in the world. This property casualty reinsurance contract will result in fewer consolidations and save money.”
Since going to market testing in September 2017, B3i has rounded attracted attention from regulators globally due to its capability to help reinsurers and insurers with their operations.
“Regulators in the UK and other jurisdictions like Asia are wanting to talk to because what we are building is a technology platform that can assist companies to minimise fraud and increase transparency. We’re keen to let regulators know what we’re doing,” Marke said.
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