Following the launch of a working market testing prototype, the Blockchain Insurance Industry Initiative B3i has announced that 23 new firms are joining its Market Testing program.

Launched last year by Aegon, Allianz, Munich Re, Swiss Re, and Zurich, B3i aims to help insurers and reinsurers to get a better insight into the applicability of the blockchain technology in the insurance market. The effort grew to 15 members earlier this year.

The new entrants are: AIA, AIG, Aon, Chubb, Covéa, Everest Re, Gen Re, Guy Carpenter & Marsh, JLT Re, Leadway Assurance, LocalTapiola, Mapfre Re, Navigators, PartnerRe, QBE Re, SAHAM Assurance, Sava Re, Takaful Emarat, TigerRisk, Trust Re, UnipolSai, and Willis Re.

“I am very pleased to welcome 23 new companies to B3i”, said Paul Meeusen of B3i. “In less than a year B3i has become truly global, both in terms of the work we are undertaking and the companies we represent. We look forward to working with the new entrants who will take part in our market testing, and to learning from each other’s expertise and experience”.

According to the official release, market testing of the prototype will begin this month, following onboarding and the provision of training to all member companies. Each participating company will simulate the creation and management of property catastrophe insurance contracts in order to test post placement processes. The testing companies will provide their feedback, thereby contributing to the development of a viable production platform for the insurance and re-insurance industry by the second half of 2018.

By leveraging the collective views of the expanded membership, B3i said it will also embark on developing and prototyping further use cases during 2018 for market adoption.

In addition, the initiative also plans to put a new structure in place next year to better serve its members. It will be in the form of a limited liability company structure, with a research and development function and commercial operations.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest