World’s shipping giant, Maersk has launched the first blockchain platform of marine insurance, Insurwave, a joint venture between Guardtime, a software security provider and Ernst & Yung, and accounting firm.
Willis Towers Watson, MS Amlin, and XL Catlin are also making use of the platform. Maersk followed the system and is using it for its marine hull insurance. Microsoft Azure makes available the blockchain technology using ACORD standards.
Head of risk and insurance for AP Moller-Maersk, Lars Henneberg stated adopting the platform has aided automate manual processes and cut down on inefficiencies for the company, which has 350 container vessels globally.
The technology will control risk for over 1,000 vessels and upkeep over 500,000 transactions during the first year.
CEO of Willis Towers Watson, Alastair Swift explained blockchain technology has the ability to transform insurance. He noted the first insurance transaction carried out on the blockchain has made the transactional process easier and improved value for the company’s clients.
According to Martin Henley, chief information officer of XL Catlin, there will be immediate update policies to redirect risk using IoT and smart contracts. The company is set to starting working on making the platform available to other insurance segments.
Microsoft and Guardtime plan to spread Insurwave to the international logistics, marine cargo, energy, and aviation sectors.
Todd McDonald, head of partnerships and co-founder at the R3 blockchain conglomerate, noted on the R3 website that Insurwave is an innovative distribution of R3’s Corda software, which can be found on Microsoft’s Azure platform.