Blockchain initiative B3i is expected to improve efficiency for insurers and reinsurers using the platform by an estimated average of 12 % , according to analysis conducted by the consortium . The survey , carried out in November , revealed annual administration cost savings of $ 210 m , while more than three - quarters of insurers and brokers , and 91 % of reinsurers in the Blockchain reins 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 ##s , 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.