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Ep.15 – B3i: building a blockchain digital network of trust
B3i: building a blockchain digital network of trust
B3i, the blockchain insurance industry initiative, often comes up in episodes on Insureblocks. Greg Crow gave us an introduction to B3i in Episode 2 from an XL Catlin stand point. So we were very excited when we had the opportunity to talk to B3i’s CEO, Paul Meeusen. In this exciting episode we discuss not only how blockchain can help build a digital network of trust but also hear about why B3i chose to replace the IBM Hyperledger Fabric with R3’s Corda to become their new blockchain platform.
2-minute definition of blockchain
Paul describes blockchain as a Cloud + +. What are the “+ +”? Cloud computing is about sharing. Sharing reinsurance contract needs to be done in a safe manner. Safety whilst sharing on the blockchain is secured through cryptography to safe guard data so that only the parties who are part of the contract can see it.
Another element of the “+ +” is the smart contract capability, which enable us to codify business rules for the sharing of value in an intelligent way.
B3i and its journey
B3i as a company, is only a few months old as it was recently incorporated in Switzerland. However, its journey started 2 years ago as a loosely held together joint venture. Initially as a group of 5, then 15 and then more insurance companies sharing their experience of blockchain. Early 2017 they built a blockchain prototype that became a minimum viable product (MVP) developed on IBM Hyperledger Fabric for a reinsurance application.
In the fall of 2017 they had a total of 36 market participants to market test the reinsurance prototype by simulating a range of CAT events. The positive results from this test formed the basis of B3i’s business plan to incorporate and raise funding from 13 insurance companies who became their funding shareholders. B3i is now raising a second round.
Paul Meeusen’s journey to blockchain
During one of Paul’s last role at Swiss Re, he was setting up a finance service centre in India. Paul was stationed in India’s tech savy city, Bangalore. 3 years ago he tried to envisage the possibility of using blockchain for reinsurance processes by testing out its concept with his front line staff. They quickly realised that the technology could be used to reduce the inefficiencies around duplication and reconciliation.
Such a blockchain technology could bring all the brokers, reinsurers and primaries on a platform for working together and sharing data to make their lives easier.
Outside of the business environment Paul also noted that blockchain could be used for identity management and counter party management (eg. audit trail of provenance) in a country like India where proof of identity and of ownership is important where most information is stored on paper.
Blockchain providing peace of mind
In spite of having a laudable objective, insurance isn’t known for having a positive brand, or a positive customer experience as the likes of the ones of Silicon Valley. Paul makes the comment that “would you take your children to the broker...
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By Walid Al Saqqaf - Blockchain insuranceB3i: building a blockchain digital network of trust
B3i, the blockchain insurance industry initiative, often comes up in episodes on Insureblocks. Greg Crow gave us an introduction to B3i in Episode 2 from an XL Catlin stand point. So we were very excited when we had the opportunity to talk to B3i’s CEO, Paul Meeusen. In this exciting episode we discuss not only how blockchain can help build a digital network of trust but also hear about why B3i chose to replace the IBM Hyperledger Fabric with R3’s Corda to become their new blockchain platform.
2-minute definition of blockchain
Paul describes blockchain as a Cloud + +. What are the “+ +”? Cloud computing is about sharing. Sharing reinsurance contract needs to be done in a safe manner. Safety whilst sharing on the blockchain is secured through cryptography to safe guard data so that only the parties who are part of the contract can see it.
Another element of the “+ +” is the smart contract capability, which enable us to codify business rules for the sharing of value in an intelligent way.
B3i and its journey
B3i as a company, is only a few months old as it was recently incorporated in Switzerland. However, its journey started 2 years ago as a loosely held together joint venture. Initially as a group of 5, then 15 and then more insurance companies sharing their experience of blockchain. Early 2017 they built a blockchain prototype that became a minimum viable product (MVP) developed on IBM Hyperledger Fabric for a reinsurance application.
In the fall of 2017 they had a total of 36 market participants to market test the reinsurance prototype by simulating a range of CAT events. The positive results from this test formed the basis of B3i’s business plan to incorporate and raise funding from 13 insurance companies who became their funding shareholders. B3i is now raising a second round.
Paul Meeusen’s journey to blockchain
During one of Paul’s last role at Swiss Re, he was setting up a finance service centre in India. Paul was stationed in India’s tech savy city, Bangalore. 3 years ago he tried to envisage the possibility of using blockchain for reinsurance processes by testing out its concept with his front line staff. They quickly realised that the technology could be used to reduce the inefficiencies around duplication and reconciliation.
Such a blockchain technology could bring all the brokers, reinsurers and primaries on a platform for working together and sharing data to make their lives easier.
Outside of the business environment Paul also noted that blockchain could be used for identity management and counter party management (eg. audit trail of provenance) in a country like India where proof of identity and of ownership is important where most information is stored on paper.
Blockchain providing peace of mind
In spite of having a laudable objective, insurance isn’t known for having a positive brand, or a positive customer experience as the likes of the ones of Silicon Valley. Paul makes the comment that “would you take your children to the broker...