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Maersk adopts blockchain for marine hull insurance

A.P. Møller-Maersk has confirmed that it has begun using a new blockchain platform for marine hull insurance called Insurwave, having acted as the pilot client for the system built by a joint venture between EY and Guardtime.

{mprestriction ids="1,2"}The blockchain system has been developed in collaboration with a range of technology and insurance stakeholders, including Microsoft, ACORD, Willis Towers Watson, XL Catlin, and MS Amlin.

The Insurwave distributed ledger employs technologies based on Microsoft’s Azure infrastructure and uses ACORD data standards. It can support more than half a million automated ledger transactions, and aims to help in managing risk for more than 1,000 commercial vessels in the first year.

The blockchain is used to connect all of the parties in the insurance value chain within a single secure private network, with an immutable audit trail and the ability to use IoT and smart contracts to automatically update policies to reflect the risks covered.

The combination of technologies used will also help to improve efficiency in claims assessment and payment, the companies 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,” said Lars Henneberg, A.P. Møller-Maersk’s head of risk and insurance.

“Operating around 350 owned container vessels across the world, marine insurance takes up considerable resources for us. Moving it to this platform is helping us automate manual processes and alleviate a range of inefficiencies and frictional costs in the way we used to trade marine insurance.”

The first phase of the Insurwave rollout will focus on marine insurance, with EY, Guardtime and Microsoft planning to roll it out to other types of business insurance for the marine cargo, global logistics, aviation and energy sectors in the near future.

“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 specialty insurance market,” said Shaun Crawford, EY global insurance leader.

“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.”{/mprestriction}

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