Description
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 t...
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 t...
