Willis praises revolutionary Insurwave blockchain
Wednesday, 06 06 2018, Category: Technology, Country: World
Insurance and reinsurance broker Willis Towers Watson has described the recently launched Insurwave, a blockchain platform to support marine hull insurance, as a “game changer”, urging carriers and brokers to adopt the technology.
In May 2018, EY, Guardtime, A.P. Møller-Maersk, Microsoft, Willis Towers Watson, XL Catlin, MS Amlin and ACORD announced that members of the marine sector were using Insurwave to transform the way they manage risk throughout their organisation, and how they collaborate with brokers, insurers and reinsurers.
The Insurwave platform, which was built by EY and Guardtime, utilises blockchain and distributed ledger technology infrastructure from Microsoft and data standards from ACORD, and is the first time that blockchain technology is being leveraged in insurance transactions for marine insurance.