Press Release

Willis Re supports blockchain insurance industry initiative B3i

October 2, 2017
| United Kingdom

LONDON, 2 October 2017 – Willis Re, the reinsurance business of leading global advisory, broking and solutions company Willis Towers Watson (NASDAQ: WLTW) today announces its membership of the blockchain insurance industry initiative B3i. Since its launch in October 2016, the B3i initiative has attracted global interest from Asia, Africa, Australia, Europe, the Americas, the Middle East, and the Caribbean.

Following the successful launch of a working market testing prototype at the Monte Carlo Rendezvous in September Willis Re is supporting the initiative during its prototype market testing phase. Testing of the prototype will commence in October 2017 and will involve creating and managing property catastrophe (re)insurance contracts to evaluate the post placement processes. The testing will begin at the contract development and continue throughout to the automated calculation for payment of claims. Willis Re's feedback will inform the development of a viable platform for the (re)insurance industry by the second half of 2018.

James Vickers, Chairman, Willis Re International, said: “At Willis Re we are constantly exploring new ways to improve efficiency and reduce costs across the entire reinsurance value chain. We are delighted to support B3i's initiative to take advantage of blockchain technology to develop news ways to interact with all parties involved in the reinsurance value chain. I am excited to see how this important initiative can transition from a successful prototype proof of concept to widespread practical application”.

Paul Meeusen, head of distributed ledger technology at Swiss Re and the reinsurer's B3i representative, added: “I am very pleased to welcome Willis Re to B3i. In less than a year B3i has become truly global, both in terms of the work we are undertaking and the companies we represent. We look forward to working with the new entrants who will take part in our market testing, and learning from one other's expertise and experience”.

Read the B3i press release for further information about today's announcement.

About Willis Re

One of the world's leading reinsurance brokers, Willis Re is known for its world-class analytics capabilities, which it combines with its reinsurance expertise in a seamless, integrated offering that can help clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world's top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. The broker's global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. For more information, visit willisre.com.

About Willis Towers Watson

Willis Towers Watson (NASDAQ:WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential.