Thanks to a year-long collaboration of dozens of insurers, insurance brokers and reinsurers, including MAPFRE RE, significant new developments have been deployed in the B3i Re blockchain digital solution.
Using this technology, the application allows the creation and administration of digital contracts that concurrently involve different companies, so that all stakeholders can view documents, while ensuring traceability of the documents throughout their life cycle. This provides complete security for contract administration and control, preventing unauthorized modifications or alterations.
With the improvements introduced, B3i Re connects to the platforms and administrative systems of the companies involved through different APIs and—through the use of Distributed Ledger Technology (DLT)—ensures efficient cross-referencing, allowing the technology to handle the complexities of eliminating duplication, detecting errors, etc.
DLT is an electronic system or database that can record information pertaining to multiple companies. It requires a peer-to-peer network and consensus algorithms—made possible thanks to blockchain—in order to store and distribute decentralized data (in multiple places). Although B3i began by linking reinsurance to contracts at the start of the contract life cycle, the technology that has now been deployed has propelled the project far beyond this, to meet market needs by contributing to later phases (technical accounting, claims, etc.). The new functionalities will undoubtedly improve the day-to-day lives of underwriters, brokers, accountants, auditors and everyone involved in reinsurance contract administration.
Find out more about the new features and functionalities here: https://b3i.tech/news-reader/major-enhancements-to-b3is-reinsurance-solution.html
B3i is a global initiative owned by 20 major insurers from 5 continents, including MAPFRE RE. Its diverse community currently comprises more than 40 companies.