Major insurance groups AIG and AIA are among 23 new members of the B3i blockchain insurance consortium.

The new slate of entrants was unveiled earlier today, drawing in members from Asia, the Middle East and North America, among other regions. B3i initially launched in October of last year, backed by a group of notable European-based insurers that included Allianz, Aegon, Swiss Re and more.

All told, the group now counts more than three dozen insurers and reinsurers amongst its ranks.

The companies join just as B3i prepares to begin testing a jointly developed platform focused on catastrophic insurance contracts, a process scheduled to begin later this month.

Other projects being pursued by the consortium include a smart contract tool designed to streamline administrative work done by counter-parties to insurance contracts, as well as work that will see members “developing and prototyping further use cases during 2018 for market adoption.”

“In less than a year B3i has become truly global, both in terms of the work we are undertaking and the companies we represent. We look forward to working with the new entrants who will take part in our market testing, and to learning from each other’s expertise and experience,” said Paul Meeusen, ‎head of finance and treasury services for Swiss Re and a co-founder of the consortium.

Image via Shutterstock

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