Based on Microsoft Azure, the world’s first shipping insurance chain chain platform

September 6, 2017, Beijing – Ernst & Young team chain professional company Guardtime announced the creation of the world’s first shipping insurance zone chain platform. In collaboration with the Maersk Group, the American Insurance Standards Association, Microsoft, MS Amrione, Werley Tao, and Truly Group, after a 20-week concept, the block chain platform was officially launched.

This is based on Microsoft Azure global cloud computing technology-based block-chain platform for the insurance industry is of great significance in the insurance industry is unprecedented. The platform is scheduled to be operational in 2018 and will take advantage of the block chain in the initial stages to facilitate end-to-end work in the shipping and insurance industry.

This global chain-chain platform connects insurance customers, insurance brokers, insurance companies and third-party agencies through distributed taxonomy. The distributed classification account contains customer information, risk categories and exposure, etc., as well as information on insurance contracts. The chain-chain platform features include: creating and maintaining asset data from multiple parties; associating data with an insurance contract; receiving information and responding to information about pricing or business processes; linking customer assets, transactions and payment information ; Obtain and verify the latest customer notification and loss data.

Ernst & Young Asia Pacific Insurance Partner Zhao Xiaochen said:

“The chain chains have all along been considered to have the potential to change the insurance ecosystem, and what we have done is to transform the potential into reality, which is the first of its kind in the application of block chain technology to shipping insurance Block chain technology is highly transparent, highly secure and highly standardized, with high commercial value, and we want to extend the technology to the entire shipping industry, and we are working on how to apply these results and insights to other professions Insurance market and a wider range of areas. ”

“Many Asia Pacific insurance companies and regulators are looking forward to more financial technology solutions for insurance companies in the future.” Insurance technology has great potential to transform and improve the efficiency and risk of insurance companies, reduce costs and improve the user experience Ernst & Young will continue to be at the forefront of technological innovation in this area, helping the insurance companies to transform their operations, and the on – line of the shipping insurance chain – chain platform has laid a solid foundation for further innovation in the Asia – Pacific insurance market.

The emergence of this block chain platform for shipping insurance has long faced a variety of challenges are significant positive. Shipping insurance ecological chain is more complex, often involving transnational business. Many of its participants lead to information transmission takes longer, all kinds of documents and a large number of copies, trading volume, reconciliation difficulties. These business characteristics can lead to reduced data transparency, increased compliance and precision risk exposure management difficulty. The block-chain platform connects different data and processes together to reduce data inconsistencies and reduce the error rate.

Maersk Group risk and insurance department head LarsHenneberg said:

“The primary task for us is to use technology to achieve our simplification and automation of interaction with the insurance market.” The current insurance business process is too cumbersome and prone to problems that make us far less proportionate to the benefits and benefits of risk transfer Block – chain technology can drive our long – term goals.

Insurers can take advantage of this block chain platform to increase data transparency, reduce manual data entry, reduce reconciliation difficulty and administrative costs to increase efficiency and increase profits.

Guardtime CEO Mike Gault said:

“The KSI ™ (Cryptographic Infrastructure Block Stacking Technology) ensures the security of the hardware, software and information supply chains on which business integrity depends, and we are pleased to work with Ernst & Young to leverage our technology to solve a large number of customer Facing the problem .Guardtime’s block chain technology capabilities and Ernst & Young’s expertise will form a strong portfolio of block-chain technologies that focus on solving problems for customers. “