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B3i, a blockchain startup focused on the insurance industry, has announced the expansion of the group of investors in its ongoing funding round.
Initially launched as a consortium in 2016 by Aegon, Allianz, Munich Re, Swiss Re, and Zurich, B3i aims to help insurers and reinsurers to get a better insight into the applicability of the blockchain technology in the insurance market. It was incorporated in March 2018 and had raised 6.3 million Swiss francs (about $6.35 million) around that time.
Last month, the startup raised around $16 million in its latest funding round. In a press release dated April 05, B3i said that it now has 16 shareholders, which includes “some of the world's largest insurers and reinsurers from across Europe, the Americas, and Asia.” In addition to investments from existing shareholders, three new insurers and reinsurers have joined the current funding round.
Antony Elliott, Group Head of Business Transformation at Zurich Insurance Company Ltd and newly elected chairman of B3i, said:
“B3i's community of shareholders and other network participants exceeds 40 companies who represent over half the world’s reinsurance premium and major primary insurers. B3i will continue to expand its shareholder and user base over the next several months as the initial products are rolled out.”
B3i explained that its product is focused on “multi-company syndicated risk placement, accounting and claims.” It will significantly improve efficiency and security, employing the latest technologies including R3 Corda's distributed ledger technology (DLT).
The company said that the product’s first phase is currently being evaluated by several insurers, reinsurers and brokers. It is also extending the invitations for the second wave of participants.
The production platform is slated to launch in the fourth quarter of 2019, providing ramp up and familiarity testing prior to adoption in actual business renewals at year-end.
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