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Blockchain insurance startup B3i has announced the launch of its first product on R3’s Corda blockchain platform.
In its press release, the company said that the v1.0 of its Property Catastrophe Excess of Loss Reinsurance product is now live on the Corda Network. The launch follows the successful testing of the live version of the application last month.
B3i said that the new Cat XoL has been designed to make insurance “faster, cheaper, and better.” By reducing friction across the value chain, it will significantly improve the execution of the risk transfer process.
B3i Cat XoL will allow various stakeholders in the insurance market – brokers, insurance companies, reinsurers, etc. – to “interact, negotiate and place risk more securely and efficiently.” Importantly, it ensures that only relevant parties have instant access to appropriate data with control of what information is disclosed to third parties.
“The B3i Cat XoL product is a ‘first of its kind’ proposition which provides a market wide, integrated network of B3i V1.0 nodes. Integrating brokers with insurers and reinsurers, this provides the participants with a dedicated infrastructure for risk transfer execution, where data is not only exchanged but also notarised and certified,” the press release reads.
The company further listed three key benefits of using the application – reduced manual effort to place, renew and manage a CAT XoL treaty; improved contract certainty with all parties sharing a common view of the state of the contract at all points in time; and reduced operational risk.
Commenting on the launch, Sylvain De Crom, B3i Chief Product Officer said:
“The importance of this release is fundamental in delivering to the insurance market the ability for seamless negotiation, efficient placement and contract certainty on a distributed platform that allows parties to retain ownership of their data. We are all very proud to be able to use this new technology, to help make insurance faster, cheaper and better for all our customers across the world.”
Earlier this year, B3i raised around $16 million in a funding round. In April, the company announced the expansion of the group of investors in the ongoing funding round, followed by the addition of SBI Group to the investor cohort.
