Aegon, Allianz, Munich Re, Swiss Re and Zurich, five of the biggest insurance companies in Europe have joined forces in an effort to leverage blockchain technology and to employ it to better the quality their services.
The group, which has been named B3i, short for Blockchain Insurance Industry Initiative, plans to pull resources in order to study and and experiment with distributed ledger technology and determine how it can be safely implemented in the reinsurance sector
“Blockchain offers huge potential for enabling digital contracts and transactions amongst multiple parties to be executed in a secure, transparent and auditable way.” read the statement issued by Allianz
The newly founded blockchain consortium understands the huge potential that blockchain offers by providing a consistent, automatic contract execution environment where transactions and contracts are stored on an immutable and auditable public ledger. According to the group, this potential can only be reached if implemented in a consistent and compatible way, based on minimum standards to exchange data and transactions via Blockchain.
That’s why the group was created, as an effort that will allow insurers and reinsurers to better understand the applications of blockchain technology in the insurance sector and to facilitate the transition from individual company use cases to viable blockchain-based solutions across the entire insurance value chain, speeding up the implementation of said solutions.
“We are thrilled that Allianz is investigating emerging technologies such as Blockchain together with other key insurance industry players. This initiative, enabling alternative operating models based on the Blockchain technology, can help us increase transparency and efficiency and deliver a better experience to our customer.” said Christof Mascher, Chief Operating Officer of Allianz Group, a company that has experimented with blockchain technology and worked with startups in this field before.
This is one of the latest of many initiatives and partnerships created to study and test blockchain technology, an innovation that has extended far beyond its initial objective.