NTT Data completes marine insurance blockchain test

Last week Tokio marine and & Nichido Fire Insurance announced it completed a Proof of Concept (PoC) for marine insurance cargo claims. The Japanese insurance company has been working on the project with NTT Data since November last year. The blockchain initiative involves sharing the claims data. So this includes the damage report, photographs of the damage, invoices, the insurance policy, bill of lading, statement of repair, etc. During the trial, the information was shared with eight overseas claims settling agents and surveyors on three continents. The other vital participants are the importer and their transportation company. As with most insurance procedures, the standard methodology involves a lot of emailing back and forth. For example, the claims settlement agent has to action an email to provide data to the surveyor. Until that’s done, the surveyor can’t start work. Whereas by sharing documents via a blockchain the data is available to the parties immediately.

Article continues …