Consultancy firm Ernst & Young recently announced that it is collaborating with Microsoft, the computer security company Guardtime and the freight and logistics conglomerate Maersk to create a marine insurance platform based on blockchain technology. The companies anticipate that their blockchain-based product – to be implemented globally from the beginning of 2018 – will connect customers, brokers, insurers, and third parties to "distributed joint leaders taking on identities, risks and exposures" and integrating this information with insurance contracts. The platform's features include: "the ability to create and retain multi-party asset data, link data to policy agreements to receive and act on information that results in a pricing or business process change; to connect customer assets, transactions, and payments; and to capture and validate current first notification or loss data. "
As discussed in previous posts, the blockchain technology presents the industry's potential for change as commentators expect to be implemented in all types of companies, including healthcare, financial services and insurance. The latest blockchain platform aims to improve cost efficiency in both containers and shipping insurance industries. We will continue to monitor additional insurance developments using this important technology.