China Pacific invests in B3i; insurance blockchain seeks expansion in new and growing markets

Blockchain insurance industry initiative B3i has added Chinese insurer China Pacific Insurance Company (CPIC) as its latest shareholder, with Li Hao joining as a member of the  board.

CPIC is the latest insurer to join B3i after it secured €3.5 million investment from Brazil's major reinsurer IRB Brasil Re in August.

B3i said CPIC's addition further extends the breadth of its shareholder community and strengthens its representation across the global insurance market. CPIC provides risk protection solutions, wealth planning and asset management services in China.

B3i is supported by 18 major insurance industry investors and a diverse community currently comprising over 40 companies. It is a collaborative initiative that came together in late 2016 to explore and test the potential of blockchain in the insurance industry.

Its current shareholders include Achmea, Aegon, Ageas, Allianz, AXA, China Pacific Insurance Company, Deutsche Rück, Generali, Hannover Re, Liberty Mutual, Mapfre Re, Munich Re, SBI Group, SCOR, Swiss Re, Tokio Marine, VIG Re, and Zurich Insurance Group.

“We are delighted to welcome CPIC as a new shareholder in B3i. This is an important step for us as B3i expands its geographic footprint into new and growing markets," said John Carolin, CEO of B3i. “We are excited about the opportunity to work with partners who have innovation at the core of their business. CPIC’s position on the board supports our vision to see the insurance market deliver better solutions for end consumers through faster access to insurance with less administrative cost.”

GU Yue, chairman of China Pacific Property Insurance, the General Insurance arm of CPIC Group, said: “It is always the priority for CPIC to provide its customers with more comprehensive and more convenient insurance services. In recent years, CPIC has enhanced its service capability through employment of innovative technology. We hope that the strategic cooperation with B3i will give us more insight in the leading practice in blockchain technology standards, protocol design and network building.

"Together with other important market players, we will actively employ the implementation of blockchain technology in the insurance industry to help upgrade market practice and reducing cost, and further enhance insurance services to our clients.”

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