Alessandro Spadoni & Stephen Houston
B3i Re, Fluidity Platform & NetworkTechnical Deep Dive
So much more than Reinsurance
Overview: So much more than Reinsurance
General Purpose DLT Platform• Consensus protocol• Cryptographic signatures• Immutable records• Single source of truth
R3 CordaDLT Platform
Cross industry DLT network• Network of interoperable business networks
• Node identity, certificate issuance and node discovery• Notarisation
Corda Network
B3i Business Network
Insurance Business Network• Legal entity identity• Membership & Discovery • Network management• Ecosystem of interoperable applications
Fluidity Platform
Insurance Platform• Common insurance services and components
• Common data model• Reuse & Interoperability
B3iREReinsurance Application
Reinsurance Application• Dedicated application for reinsurance admin• Reinsurance specific features only
Fluidity: Platform, Network & Ecosystem
Fluidity is a Platform & Network to enable an Ecosystem supporting the development, distribution, monetisation and operation of interoperable applications across the B3i Business Network.
PlatformAn insurance industry operating system that provides services and components for B3i network operation and rapid development of interoperable applications.
Network Secure B3i Business Network of members with operational services and tools.
Ecosystem Ecosystem of members and 3rd party vendors
providing applications & services for the network.
PlatformNetwork Ecosystem
Fluidity
Fluidity: Platform for interoperability & rapid application delivery
Cross application Interoperability
B3i APPLICATIONS, consumed by any
member
Network Services, Components and SDK consumed by applicationsPLATFORM
Member & 3rd party applications
R3 Corda
Fluidity: Secure Business Network
Private DLT business network within the wider Corda Network to support cross-network interoperability
Onboarding and KYC process ensures that all members are well known and can be trusted
Primary insurers Reinsurers Captive insurers Brokers Regulators BPO partners Loss adjusters Pricing agencies Lawyers
...
Zurich
SwissRE
MunichRE
AllianzBroker
B3i
Fluidity: Ecosystem
Industry & B3i benefits
Faster route to application scale and industry benefits Speed of adoption
Partner benefits
Services and components to rapidly build, distribute and monetise interoperable applications
Mutualised infrastructure services Existing network on which to distribute application without
the need to build their own dedicated network(s) Access to a potentially large marketplace of B3i members
An Ecosystem of partners providing services and applications for the B3i network
Network members Oracle service providers Application providers Integration providers
…
Platform Architecture
B3iRE: Using the Fluidity Platform
Fluidity Foundation
Network Services Components
Fluidity Enterprise
Network Services Components
Risk Transfer Language
Party & Network Membership
Manager
Network Monitor
Node as a Service (NaaS) Node Manager
Network Configurator
Identity Provider
as a Service
Identity Provider
Integration
Technical Accounting
DocumentManager Messenger
ClauseManager
Technical Util & Frameworks
Risk PortfolioManager
B3iRE Reinsurance Application B3i Application Partner Application Partner Application
Components that we build in Fluidity Enterprise will be driven by customer demand, in alignment with company strategy
Partner and customer applications
Fluidity Foundation facilities the capture of opportunities to grow network adoption in H1 2020
Components used by B3iRE
Risk Transfer Language: Enabling Rapid Application Delivery
The RTL provides a class library of common insurance domain objects (data and behavioral model) on which all applications can be rapidly built for interoperability.
Unambiguous Structured Contracts
“Smart Contracts”
Computationally Processible
Risk Transfer Language: Enabling Rapid Application Delivery
Most domain concepts have been factored into common base layers to provide maximum reuse, flexibility and extensibility.
The RTL also covers concepts to support the management and participation in the B3i network.
Risk Transfer Language: Enabling Rapid Application Delivery
The RTL covers a wide range of insurance concepts to enable the structuring of risk, contracts, portfolios, treaties and process workflow orchestration for insurance and reinsurance.
RTL + Smart Contracts + DLT: Single Source of Truth
Check signaturesCheck state chain history
Execute contractSign
Transaction Proposal & Execution
RTL Governing Contract
RTL Reinsurance Contract v1
RTL Reinsurance Agreement v2
Transaction ProposalParticipants & required signatures
Insurer Reinsurer
Build transaction, execute Contract and sign
Transaction Proposal
Code and data is signed
The successful transaction is committed to both vaultsConsensus reached!
Single Source of Truth
Validate
RTL + Smart Contracts + DLT: Single Source of Truth
How do I know my counterparty correctly processed my message?
The DLT platform keeps the physical copies in synch through messaging and consensus.
All nodes are executing the same smart contract logic.
Single Source of Truth - What you see is what I see.
Immutability - Digital signatures ensure that tampering and inconsistency is easily detected.
How can I be sure that my counterparty hasn’t changed his version of the
contract without telling me?
How can I be sure that the invoice is correct?
Why are his numbers different to mine?
RTL + Smart Contracts + DLT: Single Source of Truth
What if there’s a dispute … how can I prove which version of the contract was
agreed? Digital signatures.
Contract uncertainty The eventual goal is to structure and codify all contract clauses and business rules.
IT costs No data translation, no messaging, one common mutual process, one shared application.
Risk Transfer Language: Enabling Interoperability
Reinsurance App
Reinsurance App
Property Retail App
Insurer Reinsurer / Broker
Policies written here are shared with the
Reinsurance App when the risk needs to be
reinsured
Single sources of truth
Resulting reinsurance contract has selected
visibility of the inbound risk
• No traditional integration
• No data translation
• DLT native integration
• Cascading changes between applications
This approach facilitates interoperability across an ecosystem of applications working together across value streams and processes.
e.g. Placement Application interoperating with a common Claims Application.
Network Architecture
B3i Business Network: Overview
Corda Network Operator
Corda Network
- Governed and operated by the Corda Network Foundation
- Onboarding- Discovery
- Notarisation
Business Networks
The Corda Network provides a compatibility zone in which
members of different business networks can discover each other
and interoperate
B3i Business Network: Overview
B3i BNO
Corda Network Operator
Corda Network
- Governed and operated by the Corda Network Foundation
- Onboarding- Discovery
- Notarisation
B3i Business Network
- Governed and operated by B3i- Member onboarding
- Discovery- Network services (e.g. NaaS)
B3i Business Network: Overview
Company A
Company B
Company C
Company D
B3i BNO
Corda Network Operator
Corda Network
- Governed and operated by the Corda Network Foundation
- Onboarding- Discovery
- Notarisation
B3i Business Network
- Governed and operated by B3i- Member onboarding
- Discovery- Network services (e.g. NaaS)
B3i Business Network: Overview
Company A
Company B
Company C
Company D
B3i BNO
Subnet BNO
Corda Network Operator
Corda Network
- Governed and operated by the Corda Network Foundation
- Onboarding- Discovery
- Notarisation
B3i Business Network
- Governed and operated by B3i- Member onboarding
- Discovery- Network services (e.g. NaaS)
Sub Business Network
- Governed and operated by a sub-BNO- Membership- Discovery- Distribution and control of
applications
B3i Business Network: Overview
Company A
Company B
Company C
Company D
Company E
Company F
Company G
B3i BNO
Subnet BNO
Corda Network Operator
Corda Network
- Governed and operated by the Corda Network Foundation
- Onboarding- Discovery
- Notarisation
B3i Business Network
- Governed and operated by B3i- Member onboarding
- Discovery- Network services (e.g. NaaS)
Sub Business Network
- Governed and operated by a sub-BNO- Membership- Discovery- Distribution and control of
applications
Questions & Optional Topics• Security• Integration• DLT 101• Data Flow• ?
B3i Re, Fluidity Platform & Network�Technical Deep DiveSo much more than ReinsuranceOverview: So much more than ReinsuranceFluidity: Platform, Network & EcosystemFluidity: Platform for interoperability & rapid application deliveryFluidity: Secure Business NetworkFluidity: EcosystemPlatform ArchitectureB3iRE: Using the Fluidity PlatformRisk Transfer Language: Enabling Rapid Application DeliveryRisk Transfer Language: Enabling Rapid Application DeliveryRisk Transfer Language: Enabling Rapid Application DeliveryRTL + Smart Contracts + DLT: Single Source of TruthRTL + Smart Contracts + DLT: Single Source of TruthRTL + Smart Contracts + DLT: Single Source of TruthRisk Transfer Language: Enabling InteroperabilityNetwork ArchitectureB3i Business Network: OverviewB3i Business Network: OverviewB3i Business Network: OverviewB3i Business Network: OverviewB3i Business Network: OverviewQuestions & Optional Topics