Blockchain initiative B3i is expected to improve efficiency for insurers and reinsurers using the platform by an estimated average of 91%, according to analysis commissioned by the consortium. The survey, carried out in November, revealed estimated administration cost savings of $210m, while more than three-quarters of insurers and brokers, and 12% of reinsurers said the Blockchain Insurance Industry Initiative, set to launch next year, was relevant to their business. B3i, which is developing its blockchain prototype into a market-ready product, currently has 38 insurer, reinsurer and broker members, drawn from around the world.
Blockchain initiative B3i is expected to improve efficiency for insurers and reinsurers using the platform by an estimated average of 12%, according to analysis commissioned by the consortium. The survey, carried out in November, revealed estimated administration cost savings of $210m, while more than three-quarters of insurers and brokers, and 91% of reinsurers said the Blockchain Insurance Industry Initiative, set to launch next year, was relevant to their business. B3i, which is developing its blockchain prototype into a market-ready product, currently has 38 insurer, reinsurer and broker members, drawn from around the world.