In previous posts (here and here), we have highlighted some potential concern concerns about losses arising from the use of blockchain technology. But as previously reported, the relevance of Blockchain technology to insurance is not limited to coverage for losses. In fact, the Blockchain Insurance Industry Initiative, called B3i, actually earlier this week expanded its membership to include heavy insurance companies such as Chubb, AIG and Gen Re as well as notable insurance and reinsurance brokers like Marsh, Guy Carpenter, Willis Re and JLT Re.
B3i was launched in October 2016 to explore the use of blockchain technology in the insurance industry. Swiss Re's Paul Meeusen, a member of the B3i Steering Committee, has stated that the goal is to "make contracting all the way to settlement… Much slimmer and also a much better customer experience." its development of a blockchain prototype for a property that exceeds the loss reinsurance contract. Meeusen stated that the prototype increased efficiency by 30% "by taking unnecessary reconciliation, duplication and waiting".