By: Todd McDonald
The latest update from Head of Partnerships and Co-Founder Todd McDonald.
Another week, another groundbreaking commercial deployment of Corda. We are delighted to see the Insurwave platform, built on the Corda blockchain, being put into production by EY, Guardtime, A.P. Møller-Maersk, Microsoft, Willis Towers Watson, XL Catlin, MS Amlin and ACORD.
Insurwave is the world’s first blockchain solution for marine insurance. It leverages Corda’s unique enterprise-focused blockchain technology to transform the way companies manage risk across their organisation, and how they work with brokers, insurers and reinsurers.
Marine insurance has a notoriously complex premium-setting process, which made it a great prospect for a blockchain-based overhaul.
Insurwave takes clients, brokers, insurers, and third parties and connects them to distributed common ledgers that capture data about identities, risk, and exposures, integrating this information with insurance contracts.
Utilising the Corda blockchain, the solution is able to create and maintain asset data from multiple parties; to link data to policy contracts; to receive and act on information that results in a pricing or a business process change; to connect client assets, transactions, and payments; and to capture and validate up-to-date first notification or loss data.
Insurwave provides three big benefits: reduced costs, revenue uplift, and compliance. All parties have real-time visibility into the location, condition, and safety of high-value assets moving around the world, which leads to accurate, dynamic, and fair underwriting and pricing.
Participants additionally realise significant operational savings from streamlining the work of large risk management, policy amendment, and claims processing staffs.
Insurwave also creates new revenue opportunities for maritime multinationals such as Maersk, in which the shipping companies act as a channel to their cargo customers for risk and insurance products.
We look forward to working with Insurwave team in their mission to revolutionise the marine insurance industry.