| Customers: Maersk Group Contractors: EY - Ernst&Young Product: Microsoft AzureSecond product: Projects based on blockchain technology Project date: 2018/05
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In May, 2018 one of the largest participants of the market of container transportations of Moller-Maersk announced implementation of a blockchain platform, the first in the market, for marine insurance of loads and courts.
It is about the solution under the name Insurwave created by joint efforts of EY and Guardtime companies. The basis of the platform was formed by cloud infrastructure of Microsoft Azure — more precisely its technologies connected with a blockchain and the distributed register.
 | Transition to the Microsoft Azure platform will help us to automate manual processes, to raise the overall level of efficiency and to reduce operating expenses in the field of marine insurance — the head of department of risks and insurance of Maersk Lars Henneberg said. |  |
Insurwave connects clients, brokers, insurers and the third parties by means of the distributed registers thanks to which identification data, information on risks, etc. are integrated into insurance contracts.
The platform allows all contract parties to monitor a status and location of loads worldwide and also to create exact and fair value of an insurance.
Maersk gathers for the first year after implementation of a new blockchain platform to insure about 1 thousand sea vessels, and the total quantity of the digital transactions which are carried out through Insurwave will exceed 500 thousand.
It is in the future going to expand functionality of the solution, having added in it features for insurance in the field of air transportation and power.
In addition to Maersk, Willis Towers Watson, XL Catlin and MS Amlin companies began to use the Insurwave platform.
It is not the first blockchain project of Maersk. Earlier in 2018 the logistic giant announced the conclusion with IBM of the agreement within which the new company on development trade a blockchain system for the world logistic industry is created.[1]
Notes
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