Blockchain: B3i consortium to cease operations

B3i Services AG, a Swiss blockchain insurtech, has officially ceased operations due to lack of support.

In July 2022, the company filed for insolvency following unsuccessful funding rounds. In light of this situation, the directors collectively decided that it was time to shut down the company.

In 2016, Aegon, Allianz, Munich Re, Swiss Re, and Zurich Insurance joined forces to create the Blockchain Insurance Industry Initiative (B3i), a consortium that enables its members to test the potential of this new technology in the insurance and reinsurance industry.

In 2017, these five founders were joined by ten other major insurers and reinsurers namely Achmea, Ageas, AXA XL, Generali, Hannover Re, Liberty Mutual, RGA, Scor, Sompo and Tokio Marine. Broker Willis Towers Watson served as a member of the strategic advisory board.

In 2018, the consortium launched B3i Services AG in Zurich to market blockchain insurtech -based insurance solutions. Before the end of its activities, the insurtech claimed around 40 business partnerships.

As a reminder, blockchain is a secure data storage and transmission base, shared, without intermediaries, by all users.