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Insurance industry blockchain consortium B3i starts new company in Zurich

Insurance industry blockchain consortium B3i incorporated a new company, Zurich-based B3iServices AG.

Swiss Re AG reinsurance CFO Gerhard Lohman was named chairman of the new entity. The incorporation marks B3i's transformation into a company from a consortium, Lohman said.

B3iServices will provide insurance solutions on blockchain platforms, aiming to increase efficiency by up to 30% in some cases, ensuring speed, transparency and cost solutions. The new entity will seek to raise additional funds from the insurance industry during the coming months.

The new entity will "strengthen the coalition by opening up to new shareholders and new funds," said Generali Group Chief Operations & Insurance Officer Jaime Anchùsteguì.

The other 13 members of the B3i consortium are: Ageas SA/NV, Achmea BV, Aegon NV, Allianz Group, Hannover Re, Liberty Mutual, Munich Re Co., Reinsurance Group of America Inc., Sompo Japan Nipponkoa Insurance Inc., Scor SE, Tokio Marine Holdings Inc., XL Group Ltd and Zurich Insurance Group AG.