Blockchain Platform For Marine Insurance In Commercial Use
EY, Guardtime, A.P. Moller-Maersk, Microsoft and Willis Towers Watson, XL Catlin, MS Amlin and ACORD announce members of the marine industry are using Insurwave, a blockchain 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.