The Blockchain Insurance Industry Initiative (B3i) has released several main enhancements to its reinsurance remedy B3i Re.
Formerly the Cat XoL placement merchandise, B3i Re features considerable complex accounting features and a quantity of element requests from B3i’s buyers.
Characteristics include things like treaty tower parameter enhancements multicurrency abilities cedent broker approval transactions increased treaty lifecycle transactions with higher versatility and aggregated and graphical overview of penned and signed traces.
Future updates in 2021 will add promises management performance and lengthen B3i Re to further reinsurance kinds and lines of business.
B3i Re can be utilised by Insurers, brokers, and reinsurers to create and administer electronic contracts on distributed ledgers.
All events have a shared and immutable perspective of the contract and its administration throughout the contract’s lifecycle.
Via APIs, B3i Re connects to placement platforms and back again business office systems and enables the elimination of guide processing, knowledge duplication, and linked inconsistencies and reconciliations.
“B3i started off with reinsurance placement as the get started of the deal lifecycle, but the finest electric power of distributed ledger engineering comes in complex accounting and statements,” mentioned John Carolin, B3i CEO.
“A single model of the reality enabled by our resolution can deliver tangible rewards to all events to a transaction – particularly when our resolution is linked to present placement platforms and accounting techniques by way of API.”
Antonio Di Marzo, B3i Head of Products and solutions, additional, “Through steady interactions with our customers, we consistently evolve our methods to meet up with their exact requirements.
“B3i Re features increased options and functionalities to the advantage of underwriters, brokers, accountants, auditors and every person who administers reinsurance contracts. Numerous areas of administering reinsurance contracts are ripe for electronic remedies that B3i provides.”