The largest shipping company in the world, AP Moller-Maersk, has set up the first blockchain-based marine insurance platform Insurwave in collaboration with Guardtime and Ernst & Young. According to the head of risk and insurance of the company that owns 350 container vessels worldwide, Lars Henneberg, the platform has automated manual processes and reduced inefficiencies.
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Maersk To Manage 1000 Ships In First Year On Insurwave Platform
The software security provider, Guardtime, and the accounting firm, Ernst & Young, developed Insurwave on distributed notebook technology (DLT) on the Microsoft Azure cloud platform that uses ACORD standards for employing blockchain technology. The platform will adhere to global insurance standards. Both Guardtime and Microsoft Corporation (NASDAQ:MSFT) intend to extend the services of Insurwave to the global logistics, energy, marine cargo, and aviation sectors.
According to reports, the Copenhagen-based company will employ Insurwave to manage 1,000 ships in its first year and will support around 500,000 digital bookkeeping operations. Prior to the Danish shipping giant, other companies including Willis Towers Watson PLC (NASDAQ:WLTW), XL Catlin, and MS Amlin have already started using the Insurwave platform. Maersk initially took a trial of the insurance system for its marine platform and is currently using it for its marine hull insurance.
According to the CEO of Willis Towers Watson, Alastair Swift, blockchain technology can revolutionize insurance. He said that he was the first to carry out an insurance transaction on the blockchain’s simplified and streamlined platform that added value for the company’s clients.
The chief officer of XL Catlin, Martin Henley, stated that the automatically updated policies will reflect the risk associated with using smart contracts and IoT.
Insurwave Is A Ground-Breaking Deployment
The head of partnerships and co-founder of R3 blockchain company, Todd McDonald recently posted his views regarding Insurwave on the official website of his company. According to McDonald, the insurance platform is a groundbreaking deployment of the Corda software by R3 that connects clients, insurers, brokers, and third parties to distributed common ledgers. Essentially, these distributed common ledgers integrate exposure data, risk and identity into insurance contracts. McDonald says that the Corda blockchain has the ability to link data from multiple sources or parties into policy contracts and can respond and receive information leading to price change or business processe. One of the important benefits of Insurwave is higher sales, lower costs and rules compliance.
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