B3i Announces Cat XoL v1.0
B3i has announced the release of v1.0 of their Property Catastrophe Excess of Loss Reinsurance product on the Corda Network. This follows the creation of the first Corda 4.0 node on the global Corda Network announced by B3i on the 15th July 2019. The product improves the execution of the risk transfer process by reducing friction across the value chain, end-to-end by ensuring only relevant parties have instant access to appropriate data with control of what information is disclosed to third parties. This removes contract uncertainty present in the current manual driven process.
This product is for brokers advising and assisting clients, for insurance companies managing their risks, and for reinsurers providing capital. B3i Cat XoL allows these parties to interact, negotiate and place risk more securely and efficiently.
The application will offer key benefits for its users, over the traditional process:
- Critically Reducing Effort in the manual activities required to place, renew and manage a CAT XoL treaty. For example, removing the need to replicate communication of the submission package to each participant in the treaty.
- Improving Contract Certainty as all parties share a common view of the state of the contract at all points in time. ‘First the deal, then the detail’ will become a thing of the past.
- Reducing Operational Risk due to the elimination of double keying, (trans)coding and management of the information currently supporting the placement of CAT XoL treaties.
“B3i is shipping its first application and this is our first opportunity to share with the wider market, not only the Cat XoL application, but also the wider infrastructure we have built to date. The importance of this release is fundamental in delivering to the insurance market the ability for seamless negotiation, efficient placement and contract certainty on a distributed platform that allows parties to retain ownership of their data. We are all very proud to be able to use this new technology, to help make insurance faster, cheaper and better for all our customers across the world.” – Sylvain De Crom, B3i Chief Product Officer.
“This is a pivotal moment for B3i, the team and its shareholders and this release is one we are proud to share. Looking ahead, the team are working with our customers in preparation for a live parallel run for year-end renewals whilst working towards subsequent releases and a production ready version in Q4 2019. B3i has laid the groundwork with this historic milestone, which paves the way as we continue to enhance the already rich functionality of our offering. In addition, B3i will be accelerating our partnership strategy to bring a broad array of solutions to customers. It’s a busy time at B3i and we are excited about the future!” – John Carolin, B3i CEO.
Five key features of B3i Cat XoL:
- Treaty Creation and File Sharing – This allows the broker and insurer to describe the treaty details and share relevant data files with one or all parties and enables interaction on the definition of the treaty.
- Contract Certainty – A contract management module covers layer and section structure, reinstatements, premium and brokerage calculations as well as installments due and clauses. With real time distribution of all contract terms & conditions, offerings and signatures, the contract parties will have complete visibility and be assured they are working on the same version. The application also includes endorsement functionality allowing multiple parties to agree upon amendments to existing contracts.
- Interaction and Dialogue – Brokers and insurers can select one or more parties with whom to build a transaction. Throughout this process, all communication can flow through the application using built-in messaging. This makes it extremely efficient to keep the dialogue in sync with the contract’s construction and execution.
- Negotiation Workflow – During the negotiation process, contracts flow flexibly from one state to another including quotations, Firm Order Terms (FOT), written and signed lines. All parties are presented with a clear overview of all their contracts and the state the contract is in. This facilitates the management of multiple incoming as well as outgoing transactions allowing the party to transact.
- Treaty Overview Screen – The application provides a real time overview of treaties throughout the writing & signing stages, enabling users to monitor at a glance the progress of treaty completion. The Overview Screen also provides ‘hover over’ functionality to give users quick access to a contract summary and the option to view the entire contract.