In prior posts (here and here), we have highlighted some potential coverage concerns for losses arising out of the use of blockchain technology. However, as previously reported, Blockchain technology’s relevance to insurance is not limited to coverage for losses. In fact, earlier this week, the Blockchain Insurance Industry Initiative known as B3i expanded its membership to include heavyweight insurance companies like Chubb, AIG, and Gen Re as well as notable insurance and reinsurance brokers like Marsh, Guy Carpenter, Willis Re, and JLT Re.
B3i was launched in October 2016 to explore the use of blockchain technology in the insurance industry. Swiss Re’s Paul Meeusen—a member of B3i’s steering committee—has said that the goal is “to make the contract set-up all the way to settlement . . . . much leaner, and also a much better customer experience.” Most recently, in September 2017, the group announced its development of a blockchain prototype for a property excess of loss reinsurance contract. Meeusen stated that the prototype increased efficiency by 30% “by taking out unnecessary reconciliation, duplication of work and waiting time.”