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Insurwave onboards Xceptor to digitise speciality insurance

In View Summary

Insurwave which is a JV between EY and Guardtime is the world’s first marine insurance blockchain platform, built in close association with Maersk, Microsoft and MS Amlin, among others.

Recently it has partnered with Xceptor, which will facilitate digitisation and automation of the insurance market starting with marine insurance. The platform helps by automating the insurance process to meet the needs of all stakeholders.

The technology aims to transform specialty insurance by enabling trust, transparency and automation between all companies in the value chain. The first phase of the roll out is aimed at supporting the creation of insurance contracts.

Bringing in the generation and distribution of contracts between brokers and insurance underwriters is another exciting step to dramatically speeding up the production of an agreed final contract,” said Shaun Crawford, Global vice chair of industry, EY.

Benefits of a Blockchain-enabled platform

Insurwave and Xceptor’s partnership will help in building out an extensive digital library of insurance documents to enable the automation of downstream processes. Xceptor is a well-know tech company with associations with 60+ clients including HSBC and JP Morgan.

The records will be accessible in single view allowing users to identify trends and deliver considerable efficiencies in both process and pricing.  Since the platform is powered by AI, it will enable users to extract and transform any type of data from any source.

Xceptor puts data at the centre of automation, which allows its to use data and devise need-specific strategies

Xceptor’s AI platform has the ability to pull data from any source

Reported Benefits

Benefits to Customers:

  • Real-time
  • Increased speed and transparency
  • Lower operating costs
  • Simplicity and convenience

Benefit to the Insurer:

  • Innovative products and services
  • Quicker processing time
  • Lower operating costs
  • Product simplicity
  • Reduced fraud
  • Customer engagement

The Digital Insurer's View

Marine insurance is one of the most complex forms of insurance system, which requires extensive audits, significant paperwork and becomes complicated because of the involvement of various insurers and brokers. This also comes along with many contract requirements and compliance issues.

Xceptor’s AI-powered blockchain platform could be revolutionary in an industry that requires immense streamlining of processes in its current form. Its partnership with Insurwave will be an interesting example as it will provide 360 degree view of the data which will be processed during marine insurance placement and help underwriters to come up with the right insurance coverage real-time, that will be simple to define, implement and track in the long-run.

References

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