China Pacific Insurance Group has made an undisclosed investment in B3i, the blockchain consortium made up of 38 leading insurers.
With the latest investment, China Pacific Insurance joins the league of insurers such as AXA, Munich Re, SCOR and Swiss Re which are shareholders of B3i.
As part of the investment, Li Hao of China Pacific Insurance will become a member of the B3i board.
China Pacific Property Insurance chairman GU Yue said: “We hope that the strategic cooperation with B3i will give us more insight in the leading practice in blockchain technology standards, protocol design and network building.
“Together with other important market players, we will actively employ the implementation of blockchain technology in the insurance industry to help upgrade market practice and reducing cost, and further enhance insurance services to our clients.”
In March this year, B3i announced that it has raised $16m and again secured investment from Mapfre Re, Deutsche Rück, and VIG Re in April.
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B3i’s founding shareholders include Achmea, Aegon, Ageas, Allianz, AXA, Generali, Hannover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Tokio Marine, and Zurich Insurance Group.
B3i enable insurers to achieve efficiency and security by leveraging R3 Corda’s distributed ledger technology (DLT).
B3i, which specialises in developing insurance transaction platform, is testing its first excess of loss reinsurance product with a number of insurers, reinsurers and brokers.
China Pacific Insurance offers, wealth planning and asset management services to over 126 million customers in China.