Eurapco reveals first Blockchain-based Global Risk Transfer Solution

B3i has now collaborated with Eurapco, to launch a new blockchain-powered risk transfer operational solution.

B3i (Blockchain Insurance Industry Initiative) is a global initiative journey supported by significant insurance industry investors and a diverse community currently comprising of around 40 companies.

Dieter Lammertz, Head of Marine & Fine Art, la Mobilièr, said, "A new world of digitalization has opened up for us. Documents are quickly accessed and transmitted to all partners. All data remains in the blockchain and cannot be altered. I am convinced that we will generate considerable time savings and am already excited about what this system can achieve. In future, all accounts and claims handling will also be managed in Unity, saving additional time and resources."

Antonio di Marzo, Head of Products at B3i, said, "Eurapco is pioneering the adoption of B3i distributed ledger technology (DLT) while pushing the boundaries of admin-free risk transfer. The Unity project is just one example of a common DLT use case, and a great showcase for other risk pools. Eurapco acts as a framework enabler, establishing the rules and protocols to be followed by members to share risks in full compliance, as respective requirements are already embedded in the protocol. With DLT removing the need for unnecessary administration, users can focus on adding value”.

The solution which is known by the name as Eurapco Unity will soon enable the transfer of facultative risks within the network companies by focusing initially on marine insurance.

Eurapco believes that the marine is a wide area where Blockchain technology can help to bring concrete benefits. Blockchain technology brings security and transparency while significantly reducing the administrative effort, notes the announcement.