MAPFRE RE, representing the Group, has joined the Blockchain initiative for insurance together with 22 other companies, who will begin testing the new operational pilot prototype for the market with this encryption technology.

Blockchain Insurance Industry Initiative (B3i) is an association of insurance and reinsurance companies created to explore the potential for using Blockchain technologies for distributed registry in the insurance industry.

At a recent Rendez-vous summit held in Montecarlo, B3i announced that the 15 current members of the initiative were being joined by 23 new companies, including MAPFRE RE, to provide global pressure and to jointly test the operating system.

The market tests for the prototype will be starting this month and each company take part will simulate the creation and management of reinsurance contracts for catastrophes (Cat Property) to test post-placement processes. This will be applied from the creation of the contract up to the automated calculation for the payment of claims.

The companies will share their experiences with the tool, contributing in this way to the development of a feasible business platform for insurance and reinsurance in the second half of 2018.

B3i will also address the development and prototypes for more cases for use in 2018 to be adopted by the market. At the beginning of next year it is expected to initiate a new structure designed for members and future users of the platform.