The Blockchain Insurance Industry Initiative, B3i, was founded by 15 re/insurers in December 2016 and joined by another 23 companies including brokers in October 2017.
Its initial purpose was to explore the potential of blockchain to increase the efficiency of insurance transactions. On March 23, 2018, B3i was incorporated in Zurich with a vision to create a re/insurance ecosystem enabling members to develop innovative products and services, and increase the relevance, accessibility and affordability of insurance for consumers. This ecosystem will catalyse the generation of new business models offering growth, efficiency and quality, and ultimately closing the protection gap.