In three words, blockchain is a new disruptive technology. A "revolution" built on transaction confidence between players without the need of third parties.
There has been much talk about blockchain in recent months, particularly in insurance with the B3i, the Blockchain Insurance Industry Initiative consortium. Launched in October 2016, this consortium announced its expansion with the arrival of new participants in its testing programme. This follows the success of a prototype presented in September at the international gathering for the insurance and reinsurance industry in Monte Carlo.
This first prototype, in which Covéa is involved, allows the various participants in a reinsurance cession contract (insurer, broker, reinsurer) to easily communicate among themselves. Its objective is to improve the tender process and management of the contract’s life cycle. Currently, each party works with its own information system and the connection is made by numerous email exchanges.
The potential advantage of this solution is that it records, time-stamps and certifies the various exchanges and decisions taken among the parties in a way that cannot be forged, while guaranteeing security and confidentiality.
The consortium is calling on reinsurers, insurers and brokers to test the solution in the coming months.
According to Pierre Michel, Group Reinsurance Director at Covéa: “B3i is an opportunity for our Group to contribute to concrete Blockchain testing while at the same time exploring ways to optimise our processes."