Speaking at Day Two of DWIC18, Scor’s Delayat announced the change of structure
Scor’s senior digital advisor to the chairman Régis Delayat announced today during his keynote on DWIC18 day two that B3i will launch as a company next week.
Delayat said: “B3i is transforming and changing its model. We are now becoming a company, a legal entity, which was absolutely necessary in order to work in a more industrial and professional way.”
Initially B3i – which like Ruschlikon is an initiative for streaming back office processes – relied on seconded individuals from within the companies involved to function. Delayat believes the new company structure will be more sustainable and a positive move for all parties involved.
“It is not B3i’s ambition to make money, but rather to be self-sustaining company,” Delayat explained. “The benefits will be for the reinsurers involved, not for B3i itself.”
The new Zurich-based commercial entity will go by the name of B3i Services AG, and will be made up of the 15 original members.
While profits are not a concern according to Delayat, money will still be made, and it will be fed back into the initiative: “We will need to earn money in order to reinvest it into our R&D in order to develop further.”
In the coming weeks B3i will provide the market with a roadmap outlining the business plan and the pricing model.
Delayat explained that this would be used to drive interest in the new company over the coming weeks: “The ambition is to raise as much capital as possible, so we will organise roadshows in different locations around the world to present the project and attract investors.”
He stressed that the ambition was for B3i to be “owned by the market, for the market”, and as such the company would be looking solely at the market for investment: “We will be largely open to the market, to all insurers, reinsurers and brokers worldwide; but just to industry players - not to financial investors.”