Insurance industry discovers Blockchain

"B3i", an initiative where insurers have joined forces to explore the blockchain technology, now has established "B3i Service AG" - a small insurer based in Zurich to offer contracts based on the Blockchain. At the moment the company is specialized for corporate clients - but in the future end consumers could also benefit from the products. Also other insurance companies are experimenting with the blockchain. For example the start-up "Etherisc" launched an insurance policy against late or canceled flights based entirely on Blockchain technology in October 2017.

"B3i" wants to offer an easy and quick way to conclude insurances against damage by weather effects. Not only contracts can to be concluded, but also damages can be settled and paid out. The blockchain initiative was launched in 2016 and has now 39 members - including Allianz, Munich Re, Hannover Rück and Generali.

(CF ed. / news agencies)


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