Blockchain platform launched for marine sector

September 7 2017 by InsuranceAsia News Staff

EY and Guardtime have launched the world’s first blockchain platform for the marine insurance sector.

The platform launches in collaboration with AP Moller-Maersk, Acord, Microsoft, MS Amlin, Willis Towers Watson and XL Catlin after a 20-week proof of concept, and aims to address the challenges of the marine sector’s complex international ecosystem involving multiple parties, long paper chains and duplication, high transaction volumes and significant levels of reconciliation.

Built on Microsoft’s Azure global cloud technology, the platform is planned to be implemented from 2018 onward, connecting clients, brokers, insurers and third parties to distributed common ledgers that capture data about identities, risk and exposures, and integrates this information with insurance contracts.

“Blockchain’s potential to transform the insurance ecosystem has always been clear,”said Jonathan Zhao, EY Asia-Pacific insurance leader. “We look forward to deploying this technology across the marine insurance industry and are exploring how these findings and insights will be applied to other specialty insurance markets and beyond.”

The platform’s capabilities include the ability to create and maintain asset data from multiple parties; to link data to policy contracts; to receive and act upon information that results in a pricing or a business process change; to connect client assets, transactions and payments; and to capture and validate up-to-date first notification or loss data.