More than 1,000 ships are expected to use a new marine insurance blockchain platform in the next year after its launch today.
The platform “Insurwave” was developed by accountancy firm EY and software security company Guardtime.
It uses blockchain and distributed ledger technologies and brings together all parties of the insurance value chain onto a single platform.
Shipping giant A.P. Moller – Maersk contributed to its development as a pilot customer and it is being supported by insurance heavyweights Willis Towers Watson, XL Catlin and MS Amlin.
It is expected to support more than half a million automated ledger transactions and manage risk for over 1,000 commercial ships in the first year.
The platform aims to increase service quality for clients and improve risk and claims governance.
EY plans to roll the platform out to other types of insurance such as marine cargo, global logistics, the aviation and energy sectors.
Blockchain is an increasingly hot topic in the insurance sector.
Insurance-focused law firm Clyde & Co launched a consultancy last year, called Clyde Code, aimed at advising insurance clients on issues around blockchain, smart contracts and distributed ledger technologies.