Marine insurance processing may get a blockchain makeover thanks to the efforts of big companies who have efficiency in their sights.
As announced on September 6, 2017, ACORD Solutions Group, EY Global, Microsoft, Maersk, and others have joined forces to form a marine insurance blockchain platform.
By leveraging blockchain technology, the companies will deliver standardization, efficiency, automation, and cost reductive measures to the marine insurance industry. Other participants that are involved in the project include MS Amlin, Willis Towers Watson, XL Catlin, and Guardtime. By using ACORD business standards and assets, the complexity of marine insurance transactions can be streamlined and automated with blockchain technology.
ACORD President and CEO Bill Pieroni talked about the project’s first task. “The initial solution is focused on the $200 billion global marine industry and, given the use of ACORD assets, will be readily extended to additional lines of business and industries.”
Simon Gaffney, Chief Data Officer for Willis Global and Willis Limited, spoke about the future of insurance and how the blockchain initiative plays a role. “Redesigning the insurance process using blockchain is critical for the evolution of our industry. This initiative has the potential to streamline and simplify insurance contract administration using new technologies and industry data standards.”
Shaun Crawford of EY Global Insurance commented on the significance of the development for both blockchain technology and the insurance industry:
“This is a critical first step to bring Blockchain’s transformational potential to reality. The proof-of-concept provides critical insights about the value of real-time data sharing and industry collaboration. We look forward to deploying the solution and driving increased transparency, security and standardization across the insurance value chain with the help of our partners.”
As a proof of concept, if viable, the blockchain initiative pioneered by these collaborating companies may dramatically alter the landscape of the marine insurance world by opening the canal gates to a more transparent and efficient means of processing claims.
“This solution is truly unique given the depth and breadth of capabilities,” said Pieroni, “and will have a significant impact across a wide range of insurance products and services.”