World’s first blockchain platform for marine insurance now in commercial use
CompanyWillis Towers Watson, XL Catlin, MS Amlin and ACORD
PartnerEY, Guardtime, A.P. Møller-Maersk, Microsoft
In Action Summary
Willis Towers Watson, XL Catlin, MS Amlin, ACORD, EY, Guardtime, A.P. Møller-Maersk, and Microsoft have announed the launch of the world’s first blockchain platform called Insurwave which supports marine insurance.
The technology will support automated ledger transactions and help manage risk for more than 1,000 commercial vessels in the first year. The platform will then be extended to other types of business insurance including marine cargo, global logistics, aviation and energy sectors.
The platform connects participants in a secure private network with an accurate, immutable audit trail and services to execute processes
Blockchain will provide unprecedented visibility to accurate ship and coverage data across the entire maritime market landscape
Shaun Crawford, EY’s Global Insurance Leader has said of this initiative: “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.”
This development is an excellent use case of blockchain in insurance. Marine insurance, which relies heavily on external data points, such as weather conditions, to settle claims is highly suited to blockchain solutions as claims can be verified by multiple data points, which can then be used to automate settlement.