B3i, the blockchain insurance industry initiative partners with Riskblock to develop and set new standards for the insurance industry with ACORD.
What is B3i?
B3i alias the Blockchain Insurance Industry Initiative was formed in late 2016 in Switzerland to explore the potential of distributed ledgers technologies in the world of insurance. The alliance was formed by 15 original insurance companies, and was joined in October 2017 with 23 new entrants. Members include insurance giants as Aegon, Allianz, Generali, Liberty Mutual Insurance, Swiss Re, Munich Re, Everest Re, Navigators, TigerRisk, Zurich Insurance Group and so on.
In March 2018 they have started a new startup called B3i Services AG, with the purpose to provide insurance solutions on a blockchain platform, which significantly improve the value of the services offered- in some areas even up to 30%. Blockchain technology is anticipated to benefit both the provider and the customer in critical areas as security, cost, speed, transparency, and quality of service.
RiskBlock Alliance is a US-based group of 31 risk management and insurance companies. They are aiming for just about the same goals as B3i; improving insurance industry services and efficiencies with blockchain technology.
B3I and RiskBlock together set out to establish the standards of blockchain applications in the ACORD network.
ACORD is the global entity to set insurance industry standards and roadmaps. Within this project they aim to create a set of rules and guidelines to help insurance companies efficiently deploy distributed ledger technologies, leading to increased customer experience and cost-efficiency.
The project is uniting leaders and early-adopters of blockchain in the insurance industry. Their main focus is data-formats and interfaces used with DLT, while keeping in line with the current standard of ACORD in regards to other technologies with shared input and access, IoT, and telematics.
Susan Joseph, who is going to co-chair the working group representing B3i, said:
“The idea is to set blockchain data standards with ACORD to the facilitated adoption of the technology by insurers.”
The new project of B3i, RiskBlock, and ACORD values cooperation over competition and demonstrates the natural network forming ability of blockchain technology.