B3i and Eurapco launch - Eurapco Unity, a blockchain risk transfer service

B3i and Eurapco launch - Eurapco Unity, a blockchain risk transfer service

Swiss insurance blockchain company- B3i has reportedly partnered with Eurapco, an alliance of eight Europe based insurers to introduce- Eurapco Unity. This latest offering allows the wide network of insurance firms to transfer marine insurance risks from one to another.

According to Antonio di Marzo, Head of Products, B3i, the Unity project is a leading example of a DLT use case, and its implementation is a showcase for other risk pools. Eurapco provides a wide framework, by establishing the regulations and guidelines that are required to be followed by the members to share risks in full consent, as the requirements are embedded in the protocol.

Marzo also mentioned that, with DLT removing the need for unnecessary administration, members can lay their focus on adding value.

Notably, while certain benefits of blockchain are automating the process to reduce cost, enhance efficiency, and fraud detection, it also allows the companies to have a common infrastructure and share the cost of development.

As per sources, the minimum viable product variant of the Eurapco Unity was introduced in December along with three other Eurapco members namely- La Mobilière, Reale Group, and Achmea.

It is worth noting that, the insurance blockchain firm had initially developed its Fluidity platform to support an XOL catastrophe reinsurance system. The main goal behind the offering was the need to develop a solution on which others could develop applications.

In a statement by John Carolin, CEO, B3i, Eurapco Unity is the first application developed on the company’s Fluidity platform and has helped in considerably reducing the cost, time, and complexity of building applications, allowing the company to provide the same to its partners and third-party app developers, he further added.

For the record, B3i’s novel platform uses the Corda enterprise blockchain technology.  

Source Credit: https://www.ledgerinsights.com/b3i-launches-marine-blockchain-insurance-solution-with-eurapco/