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B3i Services AG, a blockchain venture established to revolutionize the insurance industry, emphasizes the utilization of distributed ledger technologies to enhance efficiency in insurance transactions. Founded as the Blockchain Insurance Industry Initiative (B3i) in late 2016 by a consortium of insurers and reinsurers, this project aims to minimize friction in the insurance market, streamline the trade lifecycle, and foster a transparent, secure, and efficient environment for insurance and reinsurance transactions. With the official incorporation on 23rd March 2018 in Zurich, B3i Services AG emerged to lead the initiative towards leveraging blockchain for direct interactions among parties, thus reducing intermediary costs and expediting processes, including risk transfer, claims handling, and premium payments. B3i's approach utilizes the inherent features of blockchain such as immutability, transparency, and security, specifically tailored to address the challenges of trust and inefficiency in the traditional insurance sector. The establishment of B3i Services AG represents a pivotal step in realizing the project's goal to benefit all stakeholders in the insurance value chain throu...
B3i Services AG, a blockchain venture established to revolutionize the insurance industry, emphasizes the utilization of distributed ledger technologies to enhance efficiency in insurance transactions. Founded as the Blockchain Insurance Industry Initiative (B3i) in late 2016 by a consortium of insurers and reinsurers, this project aims to minimize friction in the insurance market, streamline the trade lifecycle, and foster a transparent, secure, and efficient environment for insurance and reinsurance transactions. With the official incorporation on 23rd March 2018 in Zurich, B3i Services AG emerged to lead the initiative towards leveraging blockchain for direct interactions among parties, thus reducing intermediary costs and expediting processes, including risk transfer, claims handling, and premium payments. B3i's approach utilizes the inherent features of blockchain such as immutability, transparency, and security, specifically tailored to address the challenges of trust and inefficiency in the traditional insurance sector. The establishment of B3i Services AG represents a pivotal step in realizing the project's goal to benefit all stakeholders in the insurance value chain through improved collaboration and cost savings, while also protecting Intellectual Property and ensuring a focused development and commercialization of blockchain solutions in the insurance industry.
B3i Services AG is a blockchain initiative dedicated to transforming the insurance industry by employing distributed ledger technologies. Their mission is to enhance the efficiency of insurance transactions, reduce market friction, and streamline data sharing among parties, leading to more transparent, secure, and efficient transactions.
B3i enhances the insurance transaction process by leveraging blockchain technology to facilitate direct interaction models, minimizing the need for intermediaries. This approach reduces costs and transaction times while optimizing risk transfer, claims handling, and premium payments through automation and streamlined data sharing.
B3i offers insurance and reinsurance companies cost savings, improved transaction speed, and increased trust among ecosystem participants. By reducing intermediaries and enhancing data transparency and auditability, B3i’s solutions optimize operational processes and foster a more collaborative insurance environment.
Compared to traditional insurance processes, B3i's blockchain-based solutions provide enhanced security, immutability, and transparency. This leads to a more efficient and trustworthy system that reduces friction, improves communication, and offers quicker resolutions, addressing the existing inefficiencies in the insurance sector.
For B3i, blockchain technology is crucial as it addresses trust and inefficiency challenges in the traditional insurance sector. By providing immutability, transparency, and enhanced security, blockchain enables more secure and efficient transactions, enabling new levels of collaboration and openness within the industry.
B3i ensures the security and transparency of its offerings by leveraging the core attributes of blockchain technology—immutability and transparency. These features enable a secure environment for transactions and data sharing, increasing auditability and trust among insurance industry participants.
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