Last September, the Blockchain Insurance Industry Initiative (B3i) introduced a prototype for a reinsurance blockchain product, the Cat XoL, at the Monte Carlo Rendez-Vous de Septembre—an international insurance and reinsurance conference. The product’s purpose is to work as mechanism for protecting the renewal of contracts on a digital platform, between multiple parties, and ensuring contract certainty. This received positive feedback from an overview of its initial testing, exciting the industry to forecast that the B3i was on the cusp of an industry revolution.
In March 2018, the collaboration of insurers and reinsurers incorporated into B3i Services AG, which the Zurich-based entity indicates as a “significant milestone for the members of B3i” as an “independent legal entity with its own capital and Intellectual Property.” Simultaneously, the tech startup also issued a media release, that B3i would be using the Corda network architecture to launch their platform.
Before this year’s September Monte Carlo Rendez-Vous, B3i’s members released an article announcing their return to the international conference in order to “deliver promises and feed back to the industry on our progress and plans for the future,” referencing a previous pledge to begin rigorous market beta-testing on the Cat XoL prototype beginning in October 2017.