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Maersk and partners to implement blockchain-based marine insurance platform

By Insurance Marine News, 24th October 2017 | Print version

Ship operator Maersk, in conjunction with consultancy EY, data security firm Guardtime, and Microsoft, is to build a blockchain-based marine insurance platform to be rolled out from the beginning of next year. The collaborators called it the first real-world use of the nascent technology in the shipping industry.

In a web alert, Standard Club said that the new platform could represent a watershed moment within the marine insurance industry, and the insurance industry as a whole.

The platform will permit the digitization of transactions among the global network of shipowners, insurers, reinsurers, brokers, and third parties, allowing for real-time exchange of original supply chain events and documents through a digital infrastructure. As such, the parties will have access to distributed common ledgers which will capture data about identities, risk and exposures, and integrate this information into the insurance contracts.

Standard Club noted that the technology would then have the capability of creating and maintaining asset data from multiple parties; linking data to policy contracts; receiving and acting upon information that results in a pricing process change; connecting client assets, transactions and payments; and capturing and validating updated first notification or loss data.

Standard Club said that “ultimately, blockchain technology has the potential to have a major impact on the marine insurance sector, and it will be interesting to see how the industry will respond”. The Club said that it was continuing to look at ways it could utilize new technologies to ensure it meets the needs of its members. It said that as part of this strategy it would shortly be launching an interactive member/broker portal, more information on which would follow in due course.

https://insurancemarinenews.com/insurance-marine-news/maersk-partners-implement-blockchain-based-marine-insurance-platform/

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