The first blockchain platform for ship insurance was launched

A joint venture between Big Four accounting firm Ernst and Young and software security company Guardtime has launched a blockchain platform to support ship insurance, Insurwave. The platform is expected to transform the way risk is managed and the way brokers and insurers work.

The platform will leverage Microsoft Azure's distributed ledger infrastructure and ACORD data standards, support more than half a million automated registry transactions, and help manage the risk of more than 1,000 commercial vessels within the first year. By connecting participants in a secure, private network with accurate, immutable auditing and process execution services, the platform will establish a first-of-its-kind digital value chain.

The platform's pilot client is A.P. Moller – Maersk, which continues to remain on the platform with a large range of marine vessels.

“This is an exceptional moment for many heavy industry companies who will be able to use the blockchain platform in the specialty insurance market. Just a year ago, the concept was just being justified, and now it is a fully functioning platform that brings direct benefits to clients,” said Sean Crawford, head of insurance at EY.

Insurwave’s first phase of implementation will focus on marine insurance, but EY, Guardtime and Microsoft plan to also include marine cargo insurance, global logistics, aviation and energy insurance.

Ronald Attard, managing partner of the EY office in Malta, said:“Blockchain is now at the center of technological innovation that has the potential to impact today’s, and even more so tomorrow’s, business processes and functions. The question is no longer whether blockchain will impact your business, the question is when it will happen.