Understanding B3i Tech for property cat XoL contracts has passed rigorous market testing and is on the verge of being deployed for commercial use. It could usher in a new, more efficient era of trading in the industry.

Insurance is a complex business, requiring a myriad of interconnected IT systems to process data and execute transactions. In the past, this led to a lot of duplication and delay in back-office processes. B3i was founded with the vision of tackling these inefficiencies by building an innovative industry platform that would enable market participants to cede, manage and trade risk in a more efficient manner.

Understanding B3i Tech: A Deep Dive into the Company’s Vision

B3i initially focused on developing and implementing an innovative DLT (distributed ledger technology) platform for the reinsurance industry, called Fluidity. The initiative was supported by an initial group of major insurers and reinsurers, including Aegon, Allianz, Munich Re, Swiss Re and Zurich Re.

It soon became clear, however, that the practical implementation of blockchain would require massive IT system changes across the industry. As a result, the expected benefits were not realized, and the consortium lost momentum. B3i ultimately closed in July 2022.