World’s first blockchain marine insurance platform is launched
A group of companies including Ernst & Young (EY), a Big Four accounting firm, data security company Guardtime, Microsoft and Danish shipping conglomerate A.P. Møller-Maersk A/S, have announced the Insurwave – a blockchain platform designed for insurance
next step into the comfortable and safe insurance for marine logistics
he new blockchain platform is based on Microsoft’s Azure cloud technology and ACORD data standards. Maersk partnered with the group in September 2017, when the project participants first presented the blockchain solution followed after a 20-week proof-of-concept. The industry leader has contributed to the development as a pilot client. Among other participants are insurance industry leaders Willis Towers Watson, XL Catlin, MS Amlin, and insurance data company ACORD.
The Insurwave is a global platform that connects all participants of the specific marine insurance contract, including insurers, clients, brokers and third parties to general ledgers that contain information about identities, transactions and all related information. The platform allows claims to be paid in hours, premiums to be set in seconds, insurer to access the information about risks in real time, as explained on the EY informative post.
"It is a proud moment for a number of heavyweight industry participants to be live with a genuine end-to-end blockchain platform in the specialty insurance market. All parties have worked extraordinarily hard, as a closely-knit team, to get to this exciting milestone. To move from proof of concept just a year ago to a fully functioning platform that is delivering immediate value to clients feels exceptional," said Shaun Crawford, the EY Global Insurance Leader.
"Our ambition is to drive the digital transformation of the transport and logistics industry, and we see this platform as a testament to the value that can be extracted from streamlining areas of our industry that still rely on manual and often complex procedures. Operating around 350 owned container vessels across the world, marine insurance takes up considerable resources for us. Moving it to this platform is helping us automate manual processes and alleviate a range of inefficiencies and frictional costs in the way we have used to trade marine insurance," Lars Henneberg, A.P. Møller-Maersk A/S Head of Risk and Insurance commented on the Insurwave launch.
EY also unveiled their plans to expand the application to other types of business insurance. The firm is now working closely with IBM on a blockchain project called Hyperledger Fabric 1.0 aimed to record cargo information for the shipping supply chain around the world.