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

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

Moving ESG Into The Mainstream: Drivers And Actions

Bank of America Merrill Lynch found in 2018 that firms with a better ESG record than their peers produced higher three-year returns, were more likely to become... Read more »

Insurance Nexus Unveils Agenda and Announces Brand-New Speaker Line-Up for Fourth Annual Connected Claims USA Summit 2020

As customer expectations have risen thanks to new platforms and products, so too has the level of technological sophistication as artificial intelligence, chatbots, drones,... Read more »

Neo-Insurance Getsafe starts expansion in the United Kingdom

Getsafe is the fastest growing insurance provider for millennials in Germany. CEO and founder Christian Wiens is looking forward to the competitive market environment in the UK... Read more »

Reuters Events’ Insurance AI and Innovative Tech Summit Returns to Chicago in 2020 – USAA, Nationwide, The Hartford AXA, Swiss Re, American Family and More Confirmed

As insurance carriers look to technology to meet customer demands at scale, how carriers react to competition and rising customer expectations today will define their success... Read more »

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 »

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