Maersk Deploys First Blockchain-based Marine Insurance
Source: ccn.com
Maersk, the world’s largest shipping company, has deployed the first blockchain platform for marine insurance, Insurwave, a joint venture between Guardtime, a software security provider, and Ernst & Young, an accounting firm. The platform is also being used by Willis Towers Watson, MS Amlin and XL Catlin. Maersk trialed the system and is using it for its marine hull insurance. Microsoft Azure provides the blockchain technology using ACORD standards, according to Seatrade Maritime News. Lars Henneberg, head of risk and insurance for AP Moller – Maersk, said moving to the platform has helped automate manual processes and reduced inefficiencies for the company, which owns 350 container vessels worldwide. The technology will manage risk for more than 1,000 vessels and support more than 500,000 transactions in the first year. Policies will be automatically updated to reflect risk using IoT and smart contracts, according to Martin Henley, chief information officer of XL Catlin. The company is ready to begin working on opening the platform to other insurance segments.