A Dubai-based Takaful operator is the only fully-fledged Islamic insurer out of the 23 new brokers and (re)insurance companies to gain a place in the Blockchain Insurance Industry Initiative (B3i).
Takaful Emarat is also the only operator from the GCC part of B3i’s new entrant pool to assist with a market testing program.
As part of the program, participating firms will simulate the creation and management of property catastrophe insurance contracts to test post placement processes from the setting-up of the contract, through to the automated calculation for payment of claims. Feedback from this test will facilitate with the development of a viable production platform by the second half of 2018.
The B3i, launched in 2016, is a collaboration of insurers and reinsurance companies to explore the potential of using distributed ledger technologies within the industry. To-date, it has 38 members including AIG, Swiss Re, Allianz and Zurich Group.
Further use cases will be developed and prototyped next year to ready the platform for market adoption. B3i noted that it will implement a new structure — a limited liability company with a research and development function and commercial operations — to better serve its members and future platform users.