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China Pacific Insurance Group Co. Ltd. has joined insurance industry blockchain consortium B3i Services AG, the Zurich-based technology group said in a statement Thursday.
The Chinese insurer, ranked 199th on the Fortune Global 500 in 2019, according to the statement, will become an investor in B3i and CPIC representative Li Hao will join the CPIC board, the statement said.
B3i is focused on the development of distributed ledger technology, widely known as blockchain, for the insurance industry and recently released its first application.
“This is an important step for us as B3i expands its geographic footprint into new and growing markets,” John Carolin, B3i CEO, said in the statement.
B3i was formed in 2016 as a nonprofit consortium before becoming an enterprise and counts among its 18 investors and more than 40 members the world’s two largest reinsurers, Munich Reinsurance Co. and Swiss Re Ltd.
Seven insurance industry firms have joined the property/casualty sector of The Institutes’ RiskStream Collaborative, the organization said in a statement Monday.