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.”