Insurwave — a high-tech, cost-efficient marine placement and pricing system — is experiencing a new lease of life on the back of the insurance industry’s move towards smarter products.
It was launched in 2017, with backing from EY and Guardtime. Users of the platform have included AP Moller-Maersk, XL Catlin, MS Amlin and Willis Towers Watson.
The idea was to create a blockchain system that would cut out the long string of intermediaries and painstaking processes involved in placing insurance cover, to reduce costs and the distance between risk and insurance capital.
