InsurWave is the world’s first new blockchain platform for the marine industry that is revolutionising the role of the insurance, risk, reinsurance and regulatory industries. The platform enables risk and insurance pricing to be monitored and managed in real time, removing the expensive and manual overheads.
What customer problems did you set out to solve?
We worked directly with one of our clients on solving their insurance pain points. We focused specifically on marine hull insurance, which is one of the most complex administratively heavy areas of risk transfer with multiple parties involved. With valuable assets on the move across international borders, multiple jurisdictions, high transaction volumes and significant levels of reconciliation, for shipping customers’ administrative costs are high with multiple changes required to continuously adapt insurance premium as ships move through international waters. InsurWave was created to manage marine insurance in a real time, transparent way.
What differentiates your proposition from other offerings in the market?
InsurWave sets itself apart from other services, through modernising and transforming the marine insurance industry. Rather than solving a single customer’s problem, it achieves this for many.
Features currently include:
- The right information – real time data for (geo)location of ships and assets with timely updates on information that impact risk exposures
- Single view of the truth across all parties for ship asset data – ship owners, brokers, insurers - removal of data reconciliation leading to fewer errors and the increased ability to detect fraudulent activity
- Automated decisions - greater transparency of the entire insurance process leading to improved efficiencies and cost reductions for all involved parties, automating premium calculations using SMART contracts
- Closer alignment of risk and capital to enable continuous rather than annual contracts.
What impact has the proposition had?
Since its launch, InsurWave has helped to manage the insurance for 1,000 commercial vessels and supported 500k automated transactions. It moved from a pilot concept with Maersk to a fully functioning platform, open to all Marine Hull clients, brokers and insurers. All this was achieved in the first year. This platform is redefining marine insurance and alleviating a range of inefficiencies and frictional costs for customers.
What’s next for the proposition?
InsurWave has ambitions to expand its customer base, aiming for 10 marine multi-national clients using InsurWave. Additionally, develop the blockchain platform functionality for claims and payments. The longer-term ambition is to bring the benefit of InsurWave to other industries like global logistics, aviation and the energy sectors.
Find out more about AXA XL here.
This entry is submitted on behalf of all of the consortium: AXA XL, Willis Towers Watson (Broker), EY, Guardtime (Blockchain), Microsoft (Azure), MS Amlin (Reinsurer), ACORD, Maersk.
