Blockchain technology is on its way of revolutionizing every single possible economic sector available. This time, Maersk, Microsoft and important insurance industry leaders Willis Towers Watson, XL Catlin, MS Amlin and ACORD, announced a new blockchain network known as Insurwave.
Insurwave Blockchain Platform for Marine Hull Insurance
Due to the increase and complex risk landscape that maritime enterprises are facing, global leaders have decided to create a platform known as Insurwave to transform how they manage risks across their organizations.
Shaun Crawford, EY Global Insurance leader explained:
“It is a proud moment for a number of heavy weight industry participants to be live with a genuine end-to-end blockchain platform in the speciality 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.”
The Insurwave platform has been built by a joint venture between EY and Guardtime. The network leverages on blockchain Microsoft Azure infrastructure and ACORD data standards. It will be supporting an important number of transactions – more than half a million – and help manage risk for more than 1,000 commercial vessels in the first year.
Participants will be connected in a secure and private network with an accurate and immutable audit trail to execute the processes. The platform establishes a first of its kind digital insurance value chain.
Lars Henneberg, Maersk head of Risk and Insurance, said:
“Our ambition is to drive the digital transformation of the transport and logistics industry and we see this platform as a testament to the value that can be extracted from streamlining areas of our industry that still rely on manual and often complex procedures.”
The first phase of the platform rollout will be focused on marine insurance. Later, EY, Guardtime and Microsoft will be rolling it out to other businesses, including marine cargo, global logistics, aviation and more.