The first blockchain transaction for marine insurance has been delivered, according to Willis Towers Watson.
The global advisory, broking and solutions company was involved in the breakthrough, together with partiers XL Catlin, EY, MS Amlin, A.P. Møller-Maersk, ACORD and Microsoft.
It is expected that the blockchain technology will be used in other insurance sectors in due course.
Alastair Swift, head of corporate risk and broking GB, Willis Towers Watson, said: “We are delighted to be at the forefront of blockchain technology which has the potential to revolutionise the insurance industry.
“This is the first insurance transaction that has been undertaken through blockchain, simplifying and streamlining the transactional process and creating added value for our clients. We strongly believe this is an industry game-changer and that all carriers and brokers should adopt blockchain technology to drive improved transactional efficiency and innovation for their clients.”
The technology will support more than half a million automated blockchain transactions and help manage risk for more than 1,000 commercial vessels in the first year.
Willis Towers Watson said that by connecting participants in a secure, private network with an accurate, immutable audit trail and services to execute processes, the platform establishes “a first of its kind digital insurance value chain”.