To further explore the potential use of distributed ledger technology for the insurance industry, Tokio Marine Holdings has joined the Blockchain Insurance Industry Initiative B3i.
Since its launch in October 2016, the initiative has both gained broad attention across the industry and achieved a truly global scope with members from Asia, Europe and the Americas.
The current 15 members of B3i are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, MunichRe, RGA, SCOR, Sompo Japan Nipponkoa Insurance, SwissRe, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.
In a collaborative effort, members of the B3i initiative will explore the ability of distributed ledger technologies to eliminate inefficiencies in the exchange of data between (re-)insurance companies.
In order to realize a proof-of-concept, the participating members will implement a pilot project about transacting reinsurance contracts between member companies.
If Blockchain technology proves to be a viable tool, it will transform the insurance industry through a shared, transparent record of contract-related information.
Streamlining communication and transactions would then improve industry processes and provide better insurance services to customers. The Blockchain Insurance Industry Initiative B3i intends to publish its first results in June 2017.
Tokio Marine Holdings joins Blockchain initiative B3i
February 7, 2017
Tokio Marine Holdings, Inc.
2-1 Marunouchi 1-chome, Chiyoda-ku, Tokyo
TSE code number: 8766