Tokio Marine & Nichido Fire Insurance, one of the largest insurance companies of Japan, and NTT DATA, an IT firm, are done with the trial for marine cargo insurance claims.
In a press release, the insurance company reported that the proof-of-concept (PoC) for block chain has recorded participation from around eight claims settling overseas surveyors and agents situated in America, Asia and Europe.
The project’s key goal was to accomplish quick insurance payouts by way of a system to share and collect the information required accurately and promptly regarding the international parties involved. This will considerably reduce the inefficiency of the insurance payout process.
At present, the procedure for filing a claim for marine cargo insurance is done manually where the agents are required to collect the documents including invoices, insurance policies and damage reports in the form of PDF files or paper form. After that, these documents are shared through emails with surveyors.
The system of block chain has allowed the payout period of insurance to be reduced from one month to a week’s time. The operational efficiency and performance also improved. It was also stated,
We have confirmed the effectiveness of block chain technology in marine cargo insurance claims procedures through this PoC.
The block chain project was announced by the companies in the month of October previous year. The trial was conducted from November 2017 to August 2018. The firm has plans to put the technology to practical use as early as next year and are currently working on it.
Once the process is revamped, the companies will be able to share all the required information for any claim including larger documents like pictures of damaged cargo and it will be more convenient for the surveyors and agents.
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Source: Coin Desk, The Krypto Herald
