Professional services firm EY, software company Guardtime, tech giant Microsoft and ship operator Maersk have launched a blockchain-based marine insurance platform.
Insurers MS Amlin, Willis Towers Watson and XL Catlin were also part of the 20-week trial of the new platform.
Developed on Microsoft Azure global cloud technology, the blockchain platform will be deployed in early 2018.
The blockchain platform acts as a tamper-proof database that connects clients, brokers, insurers, third parties, others and integrates the collected data with insurance contracts.
It reduces the manual data entry, administration costs and enhances capital and gain efficiencies for insurers.
EY global insurance leader Shaun Crawford said: “This solution is the first to apply blockchain’s transparency, security and standardization to marine insurance and is ready for commercial use.”
Majorly, the platform helps the marine industry in solving their problems including international ecosystem, long paper chains and duplication, high transaction volumes and reconciliation.
Blockchain has a capability of generating and managing asset data from multiple parties, connect data to policy contracts and to gather & validate latest notifications or lost data.
Willis Towers Watson chief data officer Simon Gaffney said: “This initiative has the potential to streamline and simplify insurance transaction efficiency using new technologies, an essential development for the insurance industry.”
The marine insurance platform can connect client assets, work on transactions and payments as well as reduce the issues raised with reconciliation and error applicability.
The platform possess a feature to act upon the receive information which results in change of pricing or business process.
Image: Blockchain platform developed for Marine insurance industry. Photo: courtesy of artur84 at FreeDigitalPhotos.net.