The global shipping industry is facing turbulent times and managing costs is a critical issue. By creating a blockchain platform to provide marine insurance, the London insurance market has promoted collaboration, improved transparency and reduced costs, helping to make it possible for funds and information to flow seamlessly.
Global marine insurance is one of the most complex segments of the market, with multiple stakeholders and extremely valuable assets that are always on the move. Shipping companies are able to share their own pool of data amongst multiple, verified parties — incorporating it seamlessly into insurance contracts in real time. This reduces everyone’s frictional costs and connect all interested parties so that funds and information can flow easily and efficiently.