EY initiated the blockchain marine insurance project which went live with Maersk at the beginning of the month. The first stage of the Insurwave project automates insurance of a vessel’s hull and machinery.
Insurwave is a joint venture between EY and Guardtime and uses Microsoft’s Azure infrastructure. Maersk as the pilot client brought in their insurers and brokers Willis Towers Watson, XL Catlin, and MS Amlin as well as insurance standards body ACORD.
The plan is to provide insurance for more than 1,000 commercial vessels in the first year and to automate more than half a million ledger transactions.
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