To further explore the potential use of distributed ledger technology for the insurance industry, Liberty Mutual Insurance Group has joined the Blockchain Insurance Industry Initiative B3i. Since its launch in October 2016, the initiative has gained broad attention across the industry and beyond, while achieving a truly global scope with additional members joining from Asia, Europe and the Americas. The current 15 members of B3i are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, MunichRe, RGA, SCOR, Sompo Japan Nipponkoa Insurance, SwissRe, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.
“We are excited at Liberty Mutual to join our peers in this collaborative effort to continually improve our industry,” said James Slaughter, Senior Vice President and Director Global Reinsurance Strategy at Liberty Mutual. “Teaming across our organizational and geographic boundaries is important for all of us because it broadens opportunities for innovation and provides the best solutions for our customers and stakeholders.”
In a collaborative effort, members of the B3i initiative will explore the ability of distributed ledger technologies to increase efficiencies in data shared between reinsurers and cedents. In order to realize a proof of concept, the participating members will implement a pilot project aimed at transacting reinsurance contracts amongst each other. If Blockchain technology proves to be a viable tool, it could transform the insurance industry through a shared, transparent record of contract-related information. Streamlining communication and transactions would subsequently improve industry processes and provide better insurance services to customers. The Blockchain Insurance Industry Initiative B3i intends to share first results in June 2017.
About Liberty Mutual Insurance
Liberty Mutual Insurance helps people preserve and protect what they earn, build, own and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today Liberty Mutual is a diversified insurer with operations in 29 countries and economies around the world. We are the fifth largest property and casualty insurer in the U.S. based on 2015 direct written premium data as reported by the National Association of Insurance Commissioners. We also rank 73rd on the Fortune 100 list of largest corporations in the U.S. based on 2015 revenue. As of December 31, 2015, Liberty Mutual had $37.6 billion in annual consolidated revenue.
Liberty employs more than 50,000 people in over 800 offices throughout the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products.
You can learn more about us by visiting www.libertymutualinsurance.com.
