Insurwave is a joint venture between EY and Guardtime for the marine insurance industry and uses block chain and distributive ledger technolgies from Microsoft Azure and ACORD data standards
The platform is now in commercial operation with it being used by AP Moller-Maersk, Willis Towers Watson, XL Catlin and MS Amlin.
AP Moller - Maersk, which trialled the system, is continuing to use the platform for its marine hull insurance.
“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," said Lars Henneberg, AP Møller-Maersk head of risk and insurance.
The platform will support more than 500,000 distributive ledger transactions and help in managing risk for over 1,000 vessels in its first year.
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Alastair Swift, ceo of Willis Towers Watson GB, said: “We are delighted to be at the forefront of blockchain technology which has the potential to revolutionize the insurance industry. This is the first insurance transaction that has been undertaken through blockchain, simplifying and streamlining the transactional process and creating added value for our clients.”
While the first phase of insurwave is focused on marine insurance EY, Guardtime and Microsoft plan to expand it to other areas such as the marine cargo, global logistics, aviation and energy sectors.
Martin Henley, chief information officer of XL Catlin said, “Ultimately, through the use of IoT and smart contracts, policies will be updated automatically to reflect the risks covered; and this combination of technologies will help improve efficiency in claims assessment and payment. Those are tangible wins for our clients, no matter their industry. And with the platform going live, we are now ready to start working on opening it up to other insurance segments.”
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