New blockchain solution transfers global facultative risks

European insurance alliance, Eurapco and blockchain initiative, B3i Services have together launched a global operational solution for the transfer of facultative risks.

Eurapco selected marine insurance and reinsurance as areas where blockchain can bring concrete benefits by increasing transparency and security, while significantly reducing administrative effort; and worked with Achmea, La Mobilière, Reale Group and B3i to deliver the tool.

General manager of Eurapco, Wilma de Bruijn’s goal was to create a workstream with a specific aim of identify business cases across Eurapco partners where blockchain offers improvements to existing processes.

"Trust and transparency are fundamental values we cultivate in the alliance and we needed to ensure these principles were further translated into our operations. Exploring blockchain came as a natural step in the creation of tangible and sustainable value for our partners,” she explained.

Dieter Lammertz, head of marine and fine art at la Mobilière said a "new world of digitalisation" has opened up.

"Documents are quickly accessed and via a chat message the transaction is transmitted to all partners. All data remains in the blockchain and cannot be altered," he said. "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 with this system, saving additional time and resources. Together we have built a great system that will open the door to many more future opportunities."

    Share Story:

Recent Stories

Financial institutions were early adopters of cyber security and insurance. Are they still on top of the game?
Managing huge amounts of sensitive data online makes financial institutions a prime target for hackers. As such, the sector was an early cohort for insurers in creating cyber cover. Since then, the market has evolved almost beyond recognition. It continues to challenge itself to this day, complying with rigorous regulatory demands and implementing avant-garde enhancements to keep abreast of the ever-changing risks. Published June 2021

Manufacturing: An industry at risk amid great technological change
Of the many sectors of business, manufacturing companies are among the most at risk from cyber threats. How has the sector evolved to make it so vulnerable and what does the task of managing cyber exposure in a manufacturing company look like? CIR’s latest podcast with Tokio Marine HCC sought to answer all these questions and more. Published April 2021