[2017-02-06] Firstpost: Blockchain insurance consortium grows to 15 members

Blockchain insurance consortium grows to 15 members

http://www.firstpost.com/fwire/blockchain-insurance-consortium-grows-to-15-members-reuters-3269740.html

A consortium aimed at developing ways blockchain can be used to improve processes in the insurance sector has added 10 new members as it prepares to test the emerging technology in a data-sharing experiment.New members joining the Blockchain Insurance Industry Initiative (B3i) include Hannover Re, Assicurazioni Generali SpA, Ageas NV, Liberty Mutual and Japan Nipponkoa Insurance, the group said on Monday.The consortium will test whether blockchain can improve the way that data is shared between reinsurance and insurance companies, a process that is still very cumbersome and manual, B3i said. The pilot project will involve transacting reinsurance contracts among the 15 member firms, the group added.It expects to share the first results in June 2017.

B3i's efforts come as the financial industry ramps up initiatives to use blockchain to simplify a wide range of processes such as the settlement of securities and international payments. While some have warned that the technology's potential may be hyped, companies are hopeful that it can help them slash costs.Blockchain, which first emerged as the system underpinning the cryptocurrency bitcoin, provides a shared record of transactions that is maintained by a network of computers, rather than a centralized authority. As changes to the shared record must be validated by each computer connected to the network, it creates a source of data that can reduce information discrepancies and the need for reconciliation.