13 B3i Founders Form Blockchain Startup
The Blockchain Insurance Industry Initiative (B3i) announced the incorporation of B3i Services AG in Zurich, Switzerland. The Idea – an “independent legal entity with its own capital and Intellectual Property” that will explore the potential of using Distributed Ledger Technologies within the re/insurance industry for the benefit of all stakeholders in the value chain.
Also, the incorporation of B3i Services AG is the starting point for the next stage of the initiative. The company will be raising additional funds from a wide spectrum of insurance industry participants over the coming months. The ambition is to create an ecosystem of products and services developed “by the market, for the market.”
“The transition of B3i from consortium to independent company is a concrete step forward to realizing the enormous potential of blockchain for the insurance industry. Personally, I am very excited to be at the forefront of this innovation that has the capability to transform the industry and help make insurance more affordable, accessible and attractive for market segments that are currently disenfranchised, or underprivileged” – CFO of Reinsurance, Swiss Re and chairman of the new company, Gerhard Lohmann.
Bottom Line: seeking up to 30% efficiency gain.