Insurance News

B3i integrates with reinsurance accounting blockchain Ritablock

blockchain insurance

Yesterday B3i, the blockchain firm backed by twenty major insurers, announced that Ritablock has integrated with the B3i Fluidity technology platform. B3i intends its core blockchain infrastructure to both support internally developed solutions and third party ones, and this is the first external solution to be integrated.

Ritablock is a technical accounting solution that integrates with existing mainstream reinsurance accounting platforms such as PRORIS, SAP FS-RI and SICS. Using blockchain for integration should help to automate reconciliation processes, which usually is a huge time cost. The solution comes from German insurance consulting firm consurance, which has a background in technology solutions, including as an integrator of SAP Reinsurance Management.

“Ritablock’s partner application will give our customers the ability to seamlessly integrate their existing off-ledger Reinsurance systems with a DLT-native ecosystem,” said John Carolin, B3i CEO. “This provides our customers with access to a wider network of their peers, the ability to transfer data securely, using a common language, and a more efficient way of doing business.”

Both solutions use R3’s enterprise blockchain Corda, and the Ritablock solution can be used as a within the B3i Reinsurance solution or as a stand-alone CorDapp.

“Today’s announcement is the result of a great pairing between B3i’s Reinsurance solution and Ritablock’s capability in the area of exchange of reinsurance technical accounts and claims information,” said Matthias Gößler CEO of Ritablock. He continued that it “enables integration with multiple Reinsurance administration systems, considerably reducing the reconciliation efforts within Reinsurance accounting.”

Earlier this year, B3i stated it was expecting to do another funding round the current year, after a major fundraising last year of at least $27 million but likely more depending on the share premium paid. B3i’s main competitor, RiskStream is also expected to do a funding round this year. It remains to be seen what the investor appetite is like, given COVID-19 and the headwinds that trade finance blockchain encountered in its funding.