Insurwave, a joint venture between EY and Guardtime, has partnered with Xceptor to support the digitalisation and automation of insurance.
Insurwave is a marine insurance blockchain platform and through the partnership it hopes to digitise insurance documents to ease access and enable automation of downstream processes.
Insurwave is a collaboration between EY and blockchain builder Guardtime to improve the transparency and efficiency of marine insurance. The platform offers a distributed database based on immutable data which can be used by insurers to automate various processes such as contract creation.
Xceptor CEO Andrew Kouloumbrides said, “Being able to digitise and automate the process of what is currently a paper-intensive process between brokers, insurers and reinsurers is a huge step forward for the London market.
“It takes a fleet of insurers to insure a single tanker. The process is lengthy and complicated, involves numerous insurers and brokers, along with many T&Cs, claims, sub-clauses and negotiations. It’s a complex process that is crying out for automation and a clear audit trail. Xceptor’s ability to ingest all types of data, including unstructured, while simplifying and automating complex processes is a good fit for Insurwave and we look forward to working closely with the team.”
Xceptor builds intelligent automation solutions by capturing and transforming data.
Earlier in the year, insurance major Chaucer teamed up with marine InsurTech Concirrus to drive technological developments in the space. The deal sees Chaucer utilise the Quest Marine platform to measure marine risk via the analysis of real-time and historical data.
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