RGA Joins Blockchain Initiative B3i
ST. LOUIS – To further explore the potential use of distributed ledger technology for the insurance industry, Reinsurance Group of America, Incorporated (NYSE: RGA) has joined the Blockchain Insurance Industry Initiative B3i. Since its launch in October 2016, the initiative has gained broad attention across the industry and beyond, while achieving a truly global scope with additional members joining from Asia, Europe and the Americas. The current 15 members of B3i are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, RGA, SCOR, Swiss Re, Sompo Japan Nipponkoa Insurance, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.
“Blockchain technology has the potential to link insurance entities in a powerful data-sharing framework, and the B3i consortium and pilot project can demonstrate and accelerate this innovation,” said Farron Blanc, Vice President and Innovation Studio Lead, RGAx. “At RGA, we are always excited to partner with those who are trying to achieve similar goals of efficiently deploying capital and knowledge to provide financial protection to society at large.”
In a collaborative effort, members of the B3i initiative will explore the ability of distributed ledger technologies to increase efficiencies in the exchange of data between reinsurance and insurance companies. In order to realize a proof of concept, the participating members will implement a pilot project about transacting reinsurance contracts amongst each other. If Blockchain technology proves to be a viable tool, it could transform the insurance industry through a shared, transparent record of contract-related information. Streamlining communication and transactions would subsequently improve industry processes and provide better insurance services to customers. The Blockchain Insurance Industry Initiative B3i intends to share first results in June 2017.