B3i, a protocol to address critical insurance industry needs, today announced that it has released the latest version of its Property Catastrophe Excess of Loss Reinsurance application and its successful deployment to production environments ahead of year-end renewals.
The product runs within the B3i Business Network, part of the global Corda Network.
Customers are now readying themselves for the upcoming year-end contract renewals. The product enables them and their counterparties to easily and cost-effectively negotiate terms, agree on rates and complete contract placements. Historically this multiparty process has been facilitated by email with inherent risks and inefficiencies around version control, data integrity (transposition errors), document management and security.
The immutability of contracts placed via this product, enabled by B3i’s DLT solution, significantly improves contract certainty, reduces operational risk and administrative costs. Through this year-end renewal, several B3i customers intend to benchmark the effects of these improvements. For example, some early indications suggest that this could reduce the number of emails sent by more than tenfold.
B3i informed it has been working very closely with key market participants, Brokers, Insurers and Reinsurers to optimally design the product in a way that benefits these players. This reflects B3i’s core philosophy of “by the market for the market” through which close engagement with customers is an intrinsic part of the development process.
The B3i Cat XoL product has the ability to cover the majority of Cat XoL contracts that are transacted in the market today, providing customers with the ability to negotiate and manage contract workflows on the B3i platform.
Since the release of v1.0 to community members in July 2019, the B3i team has incorporated a significant number of additional functionalities some of which are described below.
On the contract structuring side, the shipped version includes new functionality like advanced Property Cat XoL contract structuring and the ability to add an unlimited number of layers and nested sections. Customers can now make use of a flexible definition of Scope of Coverage, with inclusions and exclusions.
Within the product, customers have the ability to perform contract negotiation version comparisons, further ensuring contract certainty. The existing messaging system has been further enhanced to include bound context.
Added Functionality in Version 1.1:
- Advanced Property CAT XoL contract structuring
- Unlimited number of layers and nested sections
- Flexible definition of Scope of Coverage, with inclusions and exclusions
- Basic portfolio management functionality
- Lead/quoting market placement
- Negotiation orchestrations
- Contract negotiation version comparison
- Follow market placement
- Contract audit trail and lifecycle
- Placement status overview
- Clause library
- Contract export in PDF
- Enhanced messaging with bound context
- Document sharing
“In the future, we can expect to see new products on our network which are the result of collaborative development with partners. Growing our B3i Fluidity platform and the B3i Business Network will offer users access to a wide range of highly interoperable and functionally rich applications, benefiting a wide array of industry participants. This will also ensure that product development can be accelerated, bringing new products and services to market sooner.”
– John Carolin, B3i Chief Executive Officer