The platform is also being used by Willis Towers Watson, MS Amlin and XL Catlin. Maersk trialed the system and is using it for its marine hull insurance. Microsoft Azure provides the blockchain technology using ACORD standards, according to Seatrade Maritime News.
Platform Automates Processes
Lars Henneberg, head of risk and insurance for AP Moller – Maersk, said moving to the platform has helped automate manual processes and reduced inefficiencies for the company, which owns 350 container vessels worldwide.
The technology will manage risk for more than 1,000 vessels and support more than 500,000 transactions in the first year.
Alastair Swift, CEO of Willis Towers Watson, said blockchain technology has the potential to revolutionize insurance....