Log In

Reset Password

Blockchain used in marine insurance sector

The first blockchain transaction for marine insurance has been delivered, according to Willis Towers Watson.

The global advisory, broking and solutions company was involved in the breakthrough, together with partiers XL Catlin, EY, MS Amlin, A.P. Møller-Maersk, ACORD and Microsoft.

It is expected that the blockchain technology will be used in other insurance sectors in due course.

Alastair Swift, head of corporate risk and broking GB, Willis Towers Watson, said: “We are delighted to be at the forefront of blockchain technology which has the potential to revolutionise the insurance industry.

“This is the first insurance transaction that has been undertaken through blockchain, simplifying and streamlining the transactional process and creating added value for our clients. We strongly believe this is an industry game-changer and that all carriers and brokers should adopt blockchain technology to drive improved transactional efficiency and innovation for their clients.”

The technology will support more than half a million automated blockchain transactions and help manage risk for more than 1,000 commercial vessels in the first year.

Willis Towers Watson said that by connecting participants in a secure, private network with an accurate, immutable audit trail and services to execute processes, the platform establishes “a first of its kind digital insurance value chain”.

Combined company: the merged Willis Towers Watson began operations yesterday

You must be Registered or to post comment or to vote.

Published June 07, 2018 at 9:00 am (Updated June 07, 2018 at 12:48 am)

Blockchain used in marine insurance sector

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon