Japanese insurance firm Tokio Marine & Nichido Fire Insurance and Japanese IT services provider NTT Data have successfully completed a blockchain proof of concept (PoC) for marine cargo insurance claims.
The blockchain PoC involved eight overseas claims settling agents and surveyors on three continents – Europe, America and Asia. The key objective of the trial was to achieve prompt insurance payment by enabling settling agents to promptly and accurately collect and share required information related to the claim with involved parties all over the world.
Marine cargo insurance is an insurance policy that insures property while in transit against loss or damage arising from perils associated with the navigation of the sea and subsequent land and inland waterways. Currently, the claims process is document and data intensive, requiring the collection of information from multiple sources.
The companies said that blockchain allowed them to promptly distribute and share all the information used for insurance payment procedures, including damage report, photographs of damaged cargo and invoice, with overseas claims settling agents and surveyors. The technology also reduced the claim processing period from more than a month to less than a week, and enhanced performance and operational efficiency.
“We have confirmed the effectiveness of blockchain technology in marine cargo insurance claims’ procedures through this PoC,” Tokio Marine said. “Tokio Marine & Nichido and NTT DATA will continue to work on the remaining objectives obtained from this PoC and aim to achieve the practical use in FY 2019.”
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