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.
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.