World’s first blockchain plat­form for ma­rine in­sur­ance now in com­mer­cial use

The Malta Business Weekly - - FRONT PAGE -

EY, Guard­time, A.P. Møller-Maersk, Mi­crosoft and in­sur­ance in­dus­try lead­ers Wil­lis Tow­ers Wat­son, XL Catlin, MS Am­lin and Acord an­nounce that mem­bers of the ma­rine in­dus­try are us­ing In­sur­wave, a blockchain plat­form to sup­port ma­rine hull in­sur­ance. In an in­creas­ingly com­plex and ever evolv­ing risk land­scape, busi­nesses will use the plat­form to trans­form how they man­age risk across their or­ga­ni­za­tion and how they work with bro­kers and (re)in­sur­ers.

In­sur­wave, built by a joint ven­ture be­tween EY and Guard­time, lever­ages blockchain and dis­trib­uted ledger tech­nolo­gies Mi­crosoft Azure in­fra­struc­ture and Acord data stan­dards. It will sup­port more than half a mil­lion au­to­mated ledger trans­ac­tions and help man­age risk for more than 1,000 com­mer­cial ves­sels in the first year. By con­nect­ing par­tic­i­pants in a se­cure, pri­vate net­work with an ac­cu­rate, im­mutable au­dit trail and ser­vices to ex­e­cute pro­cesses, the plat­form es­tab­lishes a first of its kind digital in­sur­ance value chain.

A.P. Moller – Maersk con­trib­uted to the de­vel­op­ment of the blockchain tech­nol­ogy as a pi­lot client and re­mains on the plat­form with its ma­rine hull port­fo­lio.

Shaun Craw­ford, EY Global In­sur­ance Leader, says: “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. 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.”

The first phase of In­sur­wave roll­out is fo­cused on ma­rine in­sur­ance, and EY, Guard­time and Mi­crosoft plan to roll it out to other types of busi­ness in­sur­ance for the ma­rine cargo, global lo­gis­tics, avi­a­tion and en­ergy sec­tors.

Mike Gault, Guard­time CEO, says: “We are very proud of the work we have done with EY in devel­op­ing this plat­form, be­gin­ning with a proof of con­cept a year ago and then all the way through to this pro­duc­tion re­lease. This rep­re­sents an im­por­tant mile­stone not only for the in­sur­ance in­dus­try but also for blockchain tech­nol­ogy, prov­ing that it can de­liver real value to en­ter­prise cus­tomers.”

Ron­ald At­tard, EY Malta man­ag­ing part­ner says: “Blockchain is now at the cen­tre stage of tech­no­log­i­cal in­no­va­tion with the po­ten­tial to im­pact to­day’s, and even more so, to­mor­row’s busi­ness pro­cesses and func­tions. That blockchain im­pacts your busi­ness is now a ques­tion of when, not if. The joint ven­ture be­tween EY and Guard­time is solid proof of EY’s cut­ting edge com­pe­tence in the blockchain space. We are proud to be so well placed to ad­vise our clients and guide them to em­brace this change and be part of their long-term suc­cess.”

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