Today B3i the blockchain insurance startup owned by major insurers,
announced the launch of its first product. Version one of its Property Catastrophe Excess of Loss Reinsurance (CAT XL) product is live on the Corda Network.
Given the renewal cycle at year-end, this is a relatively soft launch. CEO John Carolin explained: “Looking ahead, the team are working with our customers in preparation for a live parallel run for year-end renewals whilst working towards subsequent releases and a production-ready version in Q4 2019. ”
Like many enterprise blockchains, B3i aims to reduce friction in business processes to make insurance “faster, cheaper, and better”. It minimizes manual processes so that each party to a contract doesn’t have to re-key information. That also reduces the risk of mistakes. Plus there’s the transparency enabled by sharing a common view of the current contract state.
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