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.
The minimum viable product (MVP) version of the Eurapco Unity was launched in December together with three Eurapco members, Achmea, La Mobilière, Reale Group.
“A new world of digitalization has opened up for us,” said Dieter Lammertz, Head of Marine & Fine Art, la Mobilière. “Documents are quickly accessed and via a chat message the transaction is transmitted to all partners. All data remains in the blockchain and cannot be altered.”
He continued, “I am convinced that we will generate considerable time savings and am already excited about what this system can achieve. In future, all accounts and claims handling will also be managed with this system, saving additional time and resources.”
B3i developed its Fluidity platform initially to support an XOL catastrophe reinsurance solution. The aim was to make it a platform on which others could build applications.
“This is the first bespoke application built on B3i’s Fluidity platform, and we are pleased to see that this has significantly reduced application development time, cost and complexity, enabling us to deliver the same for further B3i partners and third-party application developers,” said John Carolin, B3i CEO.
B3i’s platform uses R3’s Corda enterprise blockchain technology.