Japanese insurance company Tokyo Marine & Nichido Fire Insurance, in partnership with NTT DATA, has announced the first successful test of a blockchain-based cargo insurance claims system. Tokyo Marine is one of the biggest insurance companies in the country and has invested in this system to improve the claims process and bring transparency.
The initial Proof-of-Concept (PoC) project was deemed successful, according to a press release by the two collaborating partners last week. According to the communique, more than eight overseas claims settling agents and surveyors based in Europe, Americas and Asia participated in the trial.
The goal behind this blockchain insurance settlement project was to achieve faster insurance payouts. The key objective was to share the required information promptly and accurately within the ecosystem with involved insurance agents distributed around the world.
The system is a significant leap forward from the current process which is carried out mostly manually with insurance agents collecting the relevant documents for the claims. The documents can be tricky, involving damage reports, invoices and insurance policies purchased in print or pdf form. The scanned documents are then sent through email. With the help of the new decentralized claims system, the payout process is reportedly improved from one month to just one week.
According to the press release: “We have confirmed the effectiveness of blockchain technology in marine cargo insurance claims procedures through this PoC.”
The project was first announced back in October 2017. The trial itself took place from November 2017 to August 2018. The firms are now working to deploy a full-scale version of the PoC project by 2019.
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