Blockchain-based insurance solution B3i closes investment from SBI Group

B3i, which offers distributed ledger technology for the insurance space, has received an undisclosed investment from SBI Group.

The investment was made through the SBI AI&Blockchain Fund and sees the investor become the 17th shareholder of B3i.

Distributed ledger technology can securely record and store the transaction of assets, with each node processing and verifying every item to give a clear record and veracity on activity. The information is available on all networks and is not stored in one central location.

With this, B3i helps insurance teams to improve efficiency and ensure the security of their information and transactions. Utilising smart contracts on the network helps users automatically validate a condition and determine whether an asset should go to a nominee or back to source or a combination.

Reinsurers can use the system to improve the visibility of risk increases through shared data and real-time transactions.

B3i chairman Antony Elliott said, “We are very pleased to see SBI joining our growing community of shareholders. With its strong background in supporting Fintech start-ups, SBI will bring a depth of experience to the company and offer opportunities for expanding global partnerships with associated businesses.

“We look forward to deepening our relationship with the wider SBI Group and the Japanese market as we explore the application of B3i’s offerings in the Japanese insurance sector and beyond”.

Japan-based SBI launched its AI&Blockchain Fund in January 2018 with a goal of supporting the development of the technology and finding new use cases for it.

Last year, the firm contributed to the $100m Series E round of social trading and investment platform eToro. The company provides consumers with access to traditional asset classes such as stock, commodities, currencies and indices, but newer assets like cryptocurrency.

Copyright © 2019 FinTech Global

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