B3i, a blockchain consortium startup is working to leverage blockchain technology in the insurance industry, released its first product on R3’s Corda Blockchain.
As per the press release, the firm said that the v1.0 of its so-called Property Catastrophe Excess of Loss Reinsurance product is now live on the Corda Network. The launch happens after the successful testing of the live version of the application last month.
The new product Cat XoL is being developed to increase the speed and reduce the costs of transactions in the market. By decreasing friction across the value chain, it will considerably enhance the execution of the risk transfer process.
B3i Cat XoL will enable a large number of dealers, brokers, and insurers to interact, negotiate, and place risk more securely and efficiently. Also, it makes sure that only reliable parties have instant access to the proper data with control of what information is being disclosed to third parties.
The firm said in the press release:
“The B3i Cat XoL product is a ‘first of its kind’ proposition which provides a market wide, integrated network of B3i V1.0 nodes. Integrating brokers with insurers and reinsurers, this provides the participants with dedicated infrastructure for risk transfer execution, where data is not only exchanged but also notarised and certified.”
The team makes sure that the products remove the need for some of the time-consuming tasks from the process of renewing an insurance deal. Moreover, decentralization and the immutability of the blockchain are used to form a network in which information can be shared in real-time securely and efficiently, which will substantially decrease any kind of operational risk.
The main goal of the company is to make lasting changes in the market and upgrade it to the most competent version. To develop its product properly, B3I has collected $22 million until now, as per the official listings.
Sylvain De Crom, chief product officer at B3i, stated:
“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. The importance of this release is fundamental in delivering to the insurance market the ability for seamless negotiation, efficient placement and contract certainty on a distributed platform that allows parties to retain ownership of their data.”
John Carolin, CEO of B3i, said that this is the pivotal moment for the company and added that Cat XoL is one of the most essential product.