Blockchain is fast becoming a reality in the insurance industry – even in the age-old sector of marine.
Today, a new platform called Insurwave has launched – developed by EY and software security firm Guardtime. The platform, which has been backed by the likes of Willis Towers Watson, MS Amlin and XL Catlin, makes use of blockchain and distributed ledger technologies – bringing together all parts of the insurance value chain within a single platform.
The platform aims to support more than 1,000 ships within the next year – and can already count A.P. Moller-Maersk among its pilot customers.
According to a CityAM report, the platform’s goal is to increase the quality of service for clients while improving claims governance. It is hoped that EY will later roll out the platform across other insurance sectors such as global logistics, marine cargo, energy and aviation.