B3i and Eurapco launch first blockchain global risk transfer solution

Blockchain insurance industry initiative B3i Services AG has partnered with Eurapco, a strategic alliance of eight European primarily mutual insurance companies, to launch a new risk transfer solution developed on blockchain infrastructure.

The solution, called Eurapco Unity, will enable the transfer of facultative risks within a network of companies. According to the company, it is the first global operational solution built on blockchain infrastructure.

Unity will initially focus on marine insurance and reinsurance, which the companies believe can benefit from blockchain technology by increasing transparency and security and reducing administrative effort. The companies plan to expand the solution to new business lines, smart contracts and additional insurers later this year.

“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. "We look forward to further expanding Unity’s functionality and scaling the business benefits this solution brings.”

Antonio di Marzo, head of products at B3i, added: "The Eurapco Alliance is pioneering the adoption of B3i distributed ledger technology (DLT) while pushing the boundaries of admin free risk transfer within a defined group of peers and competitors.

"The Unity project is just one example of a common DLT use case, and this implementation is a great showcase for other risk pools. 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."

Ivan Lippa, senior programme manager at Eurapco, said: “Connecting Eurapco Partners in a first worldwide DLT-based secure network that allows them to focus on the business while automating a large part of administrative work is a highly significant development."

"We are already looking forward to expanding Unity to new business lines, smart contracts, additional insurers and much more for 2021,” he added.

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