Insurance blockchain firm B3i has partnered with Eurapco, an alliance of eight European insurers, to launch Eurapco Unity. The solution enables the network of insurance firms to transfer risks amongst each other, in this case, one-off marine insurance risks.
“The Unity project is just one example of a common DLT use case, and this implementation is a great showcase for other risk pools,” said Antonio di Marzo, Head of Products at B3i. “Eurapco acts as a framework enabler, establishing the rules and protocols to be followed by members to cooperate and share risks in full compliance, as respective requirements are already imbedded in the protocol. With DLT removing the need for unnecessary administration, users can focus on adding value.”
While some of blockchain’s benefits are automating processes to increase efficiency, reduce costs, and fraud detection, it also enables firms to have a common infrastructure and share development costs.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.