Eurapco is an alliance of eight European insurers, and B3i Services AG is a global blockchain initiative. Both have announced the launch of Eurapco Unity. This was reported by the Füture-Portal, which on January 27th was dedicated to innovation in the insurance industry.
As stated in a statement by the organizers, It is a “global operational solution in the blockchain infrastructure that enables the transfer of optional risks within a company network”.
“After a market and technology research, Eurapco has selected marine insurance and reinsurance as areas where blockchain can bring benefits specifically, by increasing transparency and security with considerable administrative effort at the same time. However, Allianz plans to apply Unity to new business areas, smart contracts and additional insurance companies, among other things, ”the article from Füture said.
Dieter Lammertz, Director of Marine Fine Art at La Mobilière, one of the Eurapco members, explained: “Documents are accessed quickly and the transaction is transmitted to all partners via a chat message. All data remains in the blockchain and cannot be changed. I am convinced that we will save a lot of time and I am already excited to see what this system can do. In the future, all accounts and claims processing will also be managed with this system, which saves additional time and resources. “
On the other hand, John Carolin, CEO of B3i, was also quoted as saying: “Eurapco has shown great interest in understanding how DLT can be used to better serve its members.”
“”This is the first custom application based on B3i’s Fluidity platform. and we’re pleased to see that this has significantly reduced the time, cost, and complexity of application development, and allows us to do the same for other B3i partners and third-party application developers. We look forward to expanding the functionality and scope of Unity and the business benefits of this solution, ”he added.
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