AP Moller-Maersk (Maersk), a shipping and logistics company , has begun using the Blockchain platform Insurwave for marine insurance .
Logistics giant uses Blockchain for marine insurances
Developed by EY and Guardtime, Insurwave uses distributed notebook technology (DLT) on the Microsoft Azure cloud platform and follows global insurance standards. In early May, Microsoft Azure announced the launch of the Blockchain application creation service Azure Blockchain Workbench. In the first year, Maersk will use Insurwave to manage 1,000 ships and support more than 500,000 digital bookkeeping operations. Lars Henneberg, the risk and insurance officer at Maersk, added that marine insurance is a significant source of business for the company, adding:
Moving these operations to the Microsoft Azure network helps me automate manual processes. It also helps us avoid a number of inefficiencies and frictions that we use in the marine insurance business.
The Insurwave Blockchain platform is used by many companies
The Insurwave Blockchain platform is now commercially used by Willis Towers Watson, XL Catlin and MS Amlin and Maersk. EY, Guardtime and Microsoft are planning to extend the platform to include marine cargo, global logistics and future aviation and energy sectors. Blockchain technology was used in the insurance industry in the past. At the end of March several global insurance companies launched a Blockchain initiative in Zurich. In April, the international insurance company Marsh announced a commercial Blockchain solution for proof of insurance with IBM partnership.