Today the blockchain insurance consortium B3i announced the incorporation of B3i Services AG in Zurich. After extensive testing, the group plans to launch it’s first product later this year, so incorporation is an important milestone in the commercialization of the solution.
We recently published an article detailing the consortium’s work.
The company plans to raise additional funds from a broad spectrum of insurance industry participants. “The ambition is to create an ecosystem of products and services developed ‘by the market, for the market’.”
Gerhard Lohmann, CFO of Reinsurance, Swiss Re was appointed the chairman of the company and commented “The transition of B3i from consortium to independent company is a concrete step forward to realizing the enormous potential of blockchain for the insurance industry.
Personally, I am very excited to be at the forefront of this innovation that has the capability to transform the industry and help make insurance more affordable, accessible and attractive for market segments that are currently disenfranchised, or underprivileged.”
The rest of the executive team lead the B3i workstreams to date, and hence provide continuity. Members of that team are:
- Paul Meeusen, CEO (Swiss Re)
- Fei Zhang, Chief Operating Officer (Allianz)
- Sylvain De Crom (Aegon Blue Square Re)
- Markus Tradt (Munich Re)
- Ken Marke, Chief Marketing Officer (Aegis)
The company was incorporated on 23rd March 2018, by the following founding shareholders:
Achmea, Aegon, Ageas, Allianz, Generali, Hanover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Tokio Marine, XL Catlin and Zurich Insurance Group.