MS Amlin, an insurance company, has created the Marine Block Chain Project with partners such as Maersk, XL Catlin, EY, Willis Towers Watson and Guardtime. Amlin’s Edge Team is a virtual team that the company formed a couple of years ago in response to the concept that new technology is becoming ever present.
The company feels that the insurance sector is not updated frequently and needs to change. When MS Amlin heard about the blockchain phenomena they felt it could bring together the different forms of tech and applications and capabilities. This could be applicable to moveable assets such as shipping, aviation, cargo and other relatable things. The company felt that this could be relevant because it would help to make their complex world simpler.
The company is using block chain as a distributed ledger. A lot of the data sources are about risks and claims. They’re about the insurance policies themselves. It is also about the identity of the ships and the owners.
A distributor ledger technology or blockchain can parcel that information up into real time so that the customer can actually see through their computer available 24/7. They can understand exactly what their portfolio of risks is. The customer can also understand what they’re insuring and they can understand whether that needs to change.
“...It’s taken us about 18 months, I guess, to move to this point where it’s just starting to go live. We won’t get a lot of benefit out of it initially at MS Amlin but we believe in the concept and we believe that the platform will be applicable to all sorts of other industries and sectors and applications eventually,” said Paul Taffinder, director of strategy and innovation, MS Amlin, in a recent interview.
What does the project do? “So what we set out to do with, and our consortium members or the group of people who got together under the auspices of EY, the consultancy firm, so together with Maersk who are the shipping company, and ourselves MS Amlin, Willis Towers Watson and then XL Catlin and one of the tech providers called Guardtime, we’ve got together to create the use of blockchain applied to the marine insurance hull market initially,” said Taffinder.
MS Amlin, along with its partners, are using the Marine Block Chain Project to help their clients’ businesses. This will benefit their company with faster turnaround and productivity.
Chrissie Cluney has been a correspondent for IoT Evolution World since 2015. She holds a degree in English with a concentration in writing from the College of Saint Elizabeth.Edited by
Ken Briodagh
