B3i partners with reinsurance blockchain Ritablock to extend DLT platform

The blockchain insurance initiative B3i Services AG has partnered with Ritablock Gmbh (Reinsurance Technical Accounting Blockchain) to launch the first live partner application on B3i's Fluidity platform.

The partnership will enable B3i customers to make use of Ritablock’s technology within the B3i Reinsurance solution or as a stand-alone CorDapp to integrate with established reinsurance accounting systems, leveraging the benefits of B3i’s distributed ledger platform.

B3i’s Fluidity platform is designed to facilitate and accelerate the development and deployment of partner applications, interoperable within its distributed ecosystem, and provide customers with the latest technology to increase the efficiency of their business networks and transactions.

B3i customers will have access to Ritablock’s application via the B3i platform from Q4 2020.

John Carolin, B3i CEO, said: “We are delighted to announce this partnership with Ritablock, as we continue to extend and enrich our ecosystem to cover the full insurance value chain. This is yet another example of how B3i is enabling market-wide transformation through innovation relevant to our customers.

"Ritablock’s partner application will give our customers the ability to seamlessly integrate their existing off-ledger Reinsurance systems with a DLT-native ecosystem. 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. Partnering with Ritablock is a great fit, as their application leverages the technology of our platform, B3i Fluidity and provides Ritablock access to the B3i network. We look forward to working with partners to accelerate the deployment of end-user functionality to our growing network, benefiting customers, partners and B3i alike.”

Matthias Gößler, CEO of Ritablock, said: “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. We are very happy to partner and integrate with B3i’s business network and wider ecosystem.

"This partnership will provide customers with easy access to the value of distributed ledger technology, with a dedicated CordApp that enables integration with multiple Reinsurance administration systems, considerably reducing the reconciliation efforts within Reinsurance accounting.”