General Insurance Article - Willis Re joins blockchain insurance initiative B3i

 Following the successful launch of a working market testing prototype at the Monte Carlo Rendezvous in September Willis Re is supporting the initiative during its prototype market testing phase. Testing of the prototype will commence in October 2017 and will involve creating and managing property catastrophe (re)insurance contracts to evaluate the post placement processes. The testing will begin at the contract development and continue throughout to the automated calculation for payment of claims. Willis Re's feedback will inform the development of a viable platform for the (re)insurance industry by the second half of 2018.

 James Vickers, Chairman, Willis Re International, said: “At Willis Re we are constantly exploring new ways to improve efficiency and reduce costs across the entire reinsurance value chain. We are delighted to support B3i's initiative to take advantage of blockchain technology to develop news ways to interact with all parties involved in the reinsurance value chain. I am excited to see how this important initiative can transition from a successful prototype proof of concept to widespread practical application”.

 Paul Meeusen, head of distributed ledger technology at Swiss Re and the reinsurer's B3i representative, added: “I am very pleased to welcome Willis Re to B3i. In less than a year B3i has become truly global, both in terms of the work we are undertaking and the companies we represent. We look forward to working with the new entrants who will take part in our market testing, and learning from one other's expertise and experience”.