CPIC invests in B3i

China Pacific Insurance Company (CPIC) has made an undisclosed investment in blockchain insurance startup B3i.

B3i is a collaborative effort of a number of insurance and reinsurance companies to explore and test the potential of blockchain. Founding members include Aegon, Allianz, Munich Re, Swiss Re and Zurich, which were later joined by Achmea, Ageas, Generali, Hannover Re, Liberty Mutual, SCOR, Tokyo Marine Holdings, and others.

In April 2018, the founding entities incorporated B3i Services AG in Zurich, Switzerland as an independent company.

CPIC is now joining the initiative as a new shareholder and Li Hao, deputy general manager at CPIC, will join as a member of the Board of B3i.

Commenting on the investment, GU Yue, chairman of China Pacific Property Insurance Co., the General Insurance arm of CPIC Group, said in a Tokenpost report: “We hope that the strategic cooperation with B3i will give us more insight in the leading practice in blockchain technology standards, protocol design and network building. Together with other important market players, we will actively employ the implementation of blockchain technology in the insurance industry to help upgrade market practice and reducing cost, and further enhance insurance services to our clients.”