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B3i

EuropeFintechNews Roundup
·Nov. 29, 2017

B3i Sees Consortium Balloon to 38 Members

The blockchain insurance consortium B3i has secured 38 members worldwide including Allianz, Swiss Re and AIG; the project would help these insurers move away from their paper based processes and secure contracts on distributed ledgers; right now blockchain is not widely used in insurance and the project is hoping to bring along the change; B3i estimates the changes could help the industry to save over 30 percent of costs. Source.

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FintechNews Roundup
·Feb. 13, 2017

Blockchain Initiative B3i Expands Its Membership

B3i was developed to explore and promote blockchain innovation in the insurance and reinsurance market; the consortium began in October 2016 and has now added three new members bringing its total membership to 15; the consortium's newest members include Hannover, Generali Group and SCOR; B3i is currently developing a shared platform for exchanging contracts which could likely develop into a commercial insurance services company by 2018.  Source

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FintechNews Roundup
·Mar. 13, 2017

B3i Adds 10 New Members to Blockchain Insurance Consortium

The B3i blockchain insurance consortium was founded in October 2016 to focus on blockchain-based solutions for the insurance industry; it began with five companies and has now announced the addition of 10 new members; overall members of the consortium believe the technology has the potential to streamline paperwork and reconciliations, accelerate information and money flow, and significantly improve auditability; the consortium was created to develop a common set of standards and procedures around these initiatives; B3i plans to release an initial report on its research by June 2017.  Source

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