An insurance consortium called B3i has recently created its first blockchain product, which is based on the R3 Corda blockchain.
According to the press release, the new product will be called Property Catastrophe Excess of Loss Reinsurance. The product was being awaited for a long time as the company first announced that it was developing on top of Corda around a year ago.
Nicknamed as Cat XoL (because the official name is just too big), the product was created in order to increase the speed and diminish the costs of the transactions in the market. This way, the dealers, brokers and insurers would be able to make business in a more secure and efficient way.
According to the company, the new product is “the first of its kind” because it integrates the nodes of several actors and creates a structure that is more stable than the ones which are being used so far.
The team also affirms that the product makes the investors able to overcome some of the most time-consuming tasks and cut useless work. Also, the decentralization and immutability of the blockchain are used to create a network in which information can be shared in real-time in a secure and efficient way, which will drastically reduce any kind of operational risk.
Because of this, the expectation of the company is to be able to make lasting changes in the market and to upgrade it for its most efficient version. In order to create its product, B3i has been able to raise $22 million USD so far, according to its official filings.
The Chief Product Officer of B3i, Sylvain De Crom, affirmed that the Cat XoL app is the first blockchain offering of the company and the wider infrastructure that was created by the company until now. With this, he promised that the insurance market would become more seamless over time.
John Carolin, B3i’s CEO, called this a pivotal moment for the company and affirmed that CatXoL is one of its greatest creations.