Insurance Blockchain Group B3i Appoints New CEO

B3i, a blockchain group for the insurance industry, has appointed John Carolin as chief executive officer. B3i is now developing DLT systems for some 40 member companies.

In March 2018, Carolin joined the company as chief financial officer. He had been an interim CEO since March of this year.

B3i started in October 2016 as a blockchain consortium and subsequently became an independent firm owned by 17 insurance and reinsurance industry big names such as Munich Re, Allianz, Tokio Marine, XL Catlin, Swiss Re, and Zurich.

According to some reports, the firm added $16 million to its funds in March after insinuations it was looking to secure as much as $200 million.

B3i held a hackathon last month to allow industry members to try its platform. The company intends to utilize distributed ledgers to simplify back-office processes and claims handling.

Commenting about the B3i hackathon, Carolin said:

“Our team of subject matter experts is highly motivated, especially following the very positive feedback received last month at our Hackathon to test the initial product.”

In 2018, B3i decided to move from Hyperledger Fabric to R3’s Corda platform. Soon after, the move was followed by Riskblock, another blockchain insurance consortium, also switching to Corda.

“I look forward to leading the B3i team as we execute on a bold vision to enable better insurance through frictionless risk transfer,” Carolin stated.