What’s going on?
Transport and logistics giant AP Moller-Maersk is now handling maritime insurance for around 350 container vessels on the blockchain platform Insurwave, it was announced this week.
Why does it matter?
Built as part of a joint venture between EY and Guardtime, Insurwave leverages blockchain technology, as well as Microsoft Azure infrastructure and ACORD data standards. In the first year it is expected to support more than half a million transactions and help manage risk for more than 1,000 commercial vessels.
How does it change things?
Maersk was a pilot client during development of the blockchain technology, reported FinExtra.
Maersk’s Head of Risk and Insurance Lars Henneberg said: “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 have used to trade marine insurance.”
EY Global Insurance Leader Shaun Crawford added: “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.”