Blockchain consortium offers reinsurance product
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B3i Services AG, a consortium promoting the use of distributed ledger technology within the insurance industry, has released a property catastrophe excess-of-loss reinsurance product on the Corda Network.
The consortium said in a statement that the B3i Cat XoL will allow insurance brokers, insurers and reinsurers to interact, negotiate and place risk more securely and efficiently.
The product reduces “friction across the value chain” including reducing manual activities required to place, renew and manage a catastrophe excess-of-loss treaty by, for example, removing the need to replicate communication of the submission package to each participant in the treaty, the statement said.
The application has also been designed to enable customers to integrate with their existing products, B3i said.
The application also provides real-time distribution of contract terms and conditions, offerings and signatures and allows multiple parties to agree on amendments to existing contracts.
A contract management module covers layer and section structure, reinstatements, premium and brokerage calculations as well as installments due and clauses and a treaty overview screen provides a real-time overview of treaties throughout the writing and signing stages.
“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,” Sylvain De Crom, B3i chief product officer, said in the statement.
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