Imagine a different kind of insurance industry, one where all parties in the insurance value chain have the same risk data at the same time. EY and Guardtime believe such a world is very much in reach, thanks to the maturation of blockchain and distributed ledger technology.
Based on our shared vision and the support of other key collaborators, we led a 20-week proof-of-concept project to demonstrate how a blockchain-enabled platform could deliver major gains in transparency, efficiency and auditability in the insurance value chain. We investigated which elements of the existing insurance business model could be changed to become more sustainable.
- Real-time decision-making
- Faster, more accurate, consistent and cheaper process fulfillment
- Consistent, central dataset to quickly assess losses
- Automation of invoicing initiates settlement between all contracting parties and their financial systems
- Stronger auditability of controls around contracts to better support
The result, Insurwave, the world's first blockchain-enabled platform. Launched in May 2018, Insurwave integrates and secures the streams of disparate data sources involved in insuring shipments around the world.
To learn more about the industry participants, the history, and benefits of the Insurwave platform, read our latest, Better-working insurance: moving blockchain from concept to reality.