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Insurwave is a joint venture between Ernst & Young LLP and Guardtime AS that allows clients to use blockchain technology to bind insurance coverage and manage risk.
The blockchain-driven insurance platform is originally the product of collaboration among several very different companies, from the world’s largest shipper to an emerging technology firm.
The permissioned distributed ledger, which limits access to certain users, created to secure marine insurance coverage is the work of Guardtime, a blockchain technology company, and EY, which led the project, together with shipper A.P. Moller-Maersk A/S, the EY client for which the project was built.
Maersk Insurance A/S, MS Amlin, Willis Towers Watson PLC and Axa XL, a unit of Axa SA, are also part of the Insurwave collaboration.
The project took roughly one year to complete after a 12-week proof-of-concept phase, according to Shaun Crawford, global vice chair for industry markets in London for EY.
Insurwave went live in June 2018, focusing on marine hull and war coverage, according to Mr. Crawford.
The Insurwave platform has processed some 30,000 transactions to date and supports risk management for more than 1,000 vessels, and there are plans to offer unbundled claims, payment and contract management functionality in 2020, according to EY.
The platform has experienced its first renewal cycle in which it was used by buyers, brokers, insurers and reinsurers, according to EY.
In May, Insurwave Ltd., the EY and Guardtime joint venture company, signed an agreement with Zhuhai Port Holdings Group Co. Ltd. to explore and collaborate on shipping logistics and marine insurance. The memorandum of understanding focuses on the link between marine insurance blockchain technology and port logistics, according to an EY statement.
Insurwave was built on Corda, the blockchain platform created by R3CEV LLC, and uses Microsoft Azure cloud infrastructure and a Microsoft user interface, as well as standards from the Association for Cooperative Operations Research and Development.
Insurwave is one of the first applications to go live on the Corda network, the enterprise version of R3’s software, which contains more robust security and offers live technical support for users.
Launched 10 years ago, the Business Insurance Innovation Awards recognize innovative new products and services designed for professional risk managers.