The Blockchain Insurance Industry Initiative, a consortium formed last year by five European insurers to explore blockchain technology in insurance, is preparing to add "several new members."

The news agency Reuters spoke to Swiss Re executive Paul Meeusen, who revealed the plans, at a recent blockchain conference. Swiss Re is one of five founding members of the group; the others are Allianz, Aegon, Munich Re, and Zurich.

Meeusen said that the group, which goes by B3i for short, will be "significantly enlarged and fully international in scope." The group also could be ready in as soon as eight weeks to test its database.

In October, the B3i said it would "co-produce a pilot project, using anonymized transaction information and anonymized quantitative data, in order to achieve a blockchain proof of concept for inter-group retrocessions."

(This article appears courtesy of our sister publication, Insurance Networking News)

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