Insurwave onboards Xceptor to digitise speciality insurance

Insurwave onboards Xceptor to digitise speciality insurance
06.08.2019 10:24 am

Insurwave onboards Xceptor to digitise speciality insurance


Insurwave, a joint venture between EY and Guardtime, has partnered with Xceptor to facilitate the digitisation and automation of the insurance market. Insurwave is the world’s first marine insurance blockchain platform and the partnership will digitise the wide variety of insurance documents, building out an extensive digital library of insurance documents to enable the automation of downstream processes.

Andrew Kouloumbrides, CEO, Xceptor, 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.”

Shaun Crawford, Global Vice Chair of Industry, EY, said: “Insurwave has created a digitised single view of marine insurance records, delivering considerable efficiencies in both process and pricing. Bringing in the generation and distribution of contracts between brokers and insurance underwriters is another exciting step to dramatically speeding up the production of an agreed final contract and we are delighted to be partnering with Xceptor, a proven integrated automation solution.”

Related News

VERMEG extends partnership with Santander as the global bank selects MEGARA as its post-trade processing system in Brazil

VERMEG, the banking and insurance software solutions specialist, announced that its state-of-the-art Securities and Custody solution “Megara” went live at Santander Securities... Read more »

Monument Insurance deploys the Invest|ProTM platform from Financial Risk Solutions

Financial Risk Solutions (FRS), award-winning provider of fund administration software to global life assurance and asset... Read more »

Rising Theft Puts UK Households And Insurers On Alert

UK households and their insurers need to be on alert for rising levels of theft, according to the digital home insurer Policy Expert, whose analysis of claims and crime data... Read more »

kasko2go now cooperates with OKKO GROUP

The Swiss startup kasko2go has entered into a partnership with the Ukrainian OKKO GROUP, thereby reaching 4.5 million drivers. kasko2go's disruptive approach caused a sensation... Read more »

Quantifying Cyber: How Insurance Carriers are Meeting the Challenge of Covering an Ever-Changing Risk Landscape

With insurance companies facing an average of 113 targeted breaches a year, it can be argued that cybersecurity is one risk the insurance industry is not prepared for.... Read more »

Company directors at risk of being sued over poor preparations for a bad Brexit

Mactavish, the leading expert on commercial insurance placement and disputes, is warning company directors they face a growing risk of being sued by investors, suppliers and... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel