Blockchain used on marine insurance deal for first time
Willis Towers Watson claims to have completed the first blockchain transaction for marine insurance in a first for that sector.
The transaction was completed, Willis said, in collaboration with partners EY, A.P. Møller-Maersk, Willis Towers Watson, XL Catlin, MS Amlin, ACORD and Microsoft.
This is the first time that blockchain technology is being used in insurance transactions for marine insurance; Wills said is now expects the technology to be rolled out into other sectors in due course.
Alastair Swift, head of corporate risk and broking (CRB) GB, Willis Towers Watson, said: “We are delighted to be at the forefront of blockchain technology which has the potential to revolutionize the insurance industry. This is the first insurance transaction that has been undertaken through blockchain, simplifying and streamlining the transactional process and creating added value for our clients. We strongly believe this is an industry game changer and that all carriers and brokers should adopt blockchain technology to drive improved transactional efficiency and innovation for their clients.”
The technology will support more than half a million automated blockchain 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.
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