5 things we learned about data, blockchain and Insurwave from EY's Stefan Schrijnen

Chatting to Stefan about the intricacies of the insurance industry recently was an eye opener. As part of our Unleash Your Data podcast, we spoke about where and why blockchain is a good fit for the industry, the complexities that need to be overcome and what is on the horizon. Here are 5 highlights from our 30 minutes together:

‘Complicated’ is just the tip of the iceberg when talking insurance

Stefan used the analogy of another type of transportation to make this concept more relatable.

Imagine a car driving around picking up passengers and each of those passengers has a bag with them. The content of each bag is slightly different; the temperature of each bag has to be different to make sure the contents get there safely; the lock on each bag has to be different, the documents required to prove that the lock is correct are all different… and on it goes. That makes for complex process and data points.

The industry is floating in a sea of unstructured data

Everyone is doing their own thing in terms of systems, data models, and data standards - most of which sit in unstructured data types like emails, PDFs and attachments. Even if the data was more structured, there just isn’t a common language that they can use to communicate with each other.

It’s time to start talking the same lingo

The shipping industry has a number of bodies that are working together to define data standards that can be used across the board. Meanwhile Insurwave’s work with Xceptor means it can handle all types of data, including unstructured, and clients can push any type of data, in the format that suits them, through an automated and simplified streamlined system.

Instant payback is in sight

In the world of marine insurance, claim processes move at a glacial pace – typically between one and two years, with the involvement of 25-100 different entities. With the help of blockchain and smart contracts, Insurwave will enable ship owners to get paid instantly and ensure all affected parties are notified of what's happened straight away.

Blockchain is important, but not everything

There's a lot of hype around blockchain, AI, IoT, etc., but one of the most encouraging parts of that hype is the incredible collaboration it has sparked across different industries. It’s important to look at the whole picture and to bring together range of people, process, technology, and data capabilities needed to solve business and organisational problems.

To learn more about the significant challenges and opportunities of the marine insurance market – steer yourself in the direction of Stefan’s podcast episode.