The solution, called Eurapco Unity, will enable the transfer of facultative risks within a network of companies, focusing initially on marine insurance and reinsurance.
Eurapco believes marine in particular is an area where blockchain technology can bring concrete benefits by increasing transparency and security, while significantly reducing administrative effort.
“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”, said Wilma de Bruijn, General Manager of Eurapco.
“The Eurapco Alliance is pioneering the adoption of B3i distributed ledger technology (DLT) while pushing the boundaries of admin free risk transfer within a defined group of peers and competitors,” added Antonio di Marzo, Head of Products at B3i.
“The Unity project is just one example of a common DLT use case, and this implementation is a great showcase for other risk pools. Eurapco acts as a framework enabler, establishing the rules and protocols to be followed by members to cooperate and share risks in full compliance, as respective requirements are already imbedded in the protocol. With DLT removing the need for unnecessary administration, users can focus on adding value.”
B3i CEO John Carolin also commented: “Eurapco has demonstrated a keen interest in understanding how it can use DLT to better serve its members. Working together to deliver this cutting-edge innovation has been an enriching exercise.”
“This is the first bespoke application built on B3i’s Fluidity platform, and we are pleased to see that this has significantly reduced application development time, cost and complexity, enabling us to deliver the same for further B3i partners and third-party application developers,” Carolin continued. “We look forward to further expanding Unity’s functionality and scaling the business benefits this solution brings.”
In December, Eurapco, together with its Partners, Achmea, La Mobilière, Reale Group and B3i, delivered the MVP version of Eurapco Unity, enabling the transfer of facultative risks in a network of companies in the Marine Insurance.
Dieter Lammertz, Head of Marine & Fine Art, la Mobilière stated, “A new world of digitalization has opened up for us. 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.”
“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.”
And finally, Ivan Lippa, Senior Programme Manager at Eurapco, concluded: “Leading Eurapco Blockchain workstream is a great pleasure. Connecting Eurapco Partners in a first worldwide DLT-based secure network that allows them to focus on the business while automating a large part of administrative work is a highly significant development.”
“We couldn’t have achieved this without the ongoing support of the Eurapco Board, Wilma de Bruijn, B3i and many other colleagues who I would like to sincerely thank for their dedication. We are already looking forward to expanding Unity to new business lines, smart contracts, additional insurers and much more for 2021.”
Source: Reinsurance News
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