Blockchain Insurance Group B3i Launches 1st Product On Corda

The B3i blockchain insurance group is in the latest cryptocurrency news for a new announcement which aims to use blockchain tech in the insurance industry. As the news show, the blockchain group has recently launched the first product on R3’s Corda platform.

Announced on Wednesday, the release of the B3i v1.0 of the Property Catastrophe Excess of Loss Reinsurance product also follows the firm’s announcement made last year – that it would use Corda when building its future products. The blockchain insurance group is apparently making their goals a reality.

Named Cat XoL, the new blockchain product is aimed to bring greater speed as well as lower cost to the markets, as many best cryptocurrency news sites reported. It will as such allow insurers, reinsurers and brokers to “interact, negotiate and place risk more securely and efficiently.”

The blockchain insurance group revealed:

“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.”

This product also removes the need for some of the manual and time-consuming tasks from the process of renewing an insurance treaty. As the blockchain insurance group noted, it also ensures that only relevant parties are given real-time access to the contract terms and conditions, offerings, signatures etc. – removing the “contract uncertainty” that afflicts the current manual processes, as the firm explained.

B3i also said that it has “worked with the market” to develop the product. The operational risk of the new solution is also reduced, thanks to the elimination of manual errors such as double data entries and other issues.

“B3i is shipping its first application and this is our first opportunity to share with the wider market, not only the Cat XoL application, but also the wider infrastructure we have built to date. 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,” the blockchain insurance group concluded.