A global research cooperation between insurance companies has founded B3i Services AG a Zurich based that aims to advance blockchain technology in the insurance industry.
The Blockchain Insurance Industry Initiative (B3i) consists of 15 leading insurance groups such as Swiss Re, Zurich, Munich Re, Allianz, Generali and Aegon. B3i presented the first prototype of a blockchain solution for the reinsurance market last year. The platform is an intelligent contract management system based on the so-called Smart Contracts. The platform has already been tested by several insurance companies and is scheduled to be launched at the end of 2018.
The establishment of this innovative blockchain start-up strengthens Zurich’s importance as a location for financial services and digital disruption. The settlement was closely accompanied by the location promotion of the Office for Economy and Labour. The office of B3i is based in the newly founded blockchain centre called “Trust Square”.
Trust Square offers around 200 workstations for start-ups, representatives of leading Swiss universities and companies involved in various areas of application of the blockchain. The demand for the office space was so high that all workstations are already occupied. The 3 floors are used by 40 blockchain start-ups, the aforementioned insurance consortium and representatives of universities.
About the author
Matthias Inauen is the Director New Business Units at the Canton of Zurich’s Office for Economy and Labour. He assists investors in setting up new business units and networking them to local industry and academic institutions. He holds a PhD in Management and Economics from the University of Zurich, and in his dissertation analysed the effects of opening innovation processes in companies. Prior to joining the canton, he was active in research and teaching, and subsequently worked for an ETH biotech spin-off.