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Insurwave, the world’s first marine insurance blockchain platform, has onboarded Xceptor so it can automate the generation and distribution of insurance documents, reports Ruby Hinchliffe of Fintech Futures, Finovate’s sister publication.
The joint venture between EY and Guardtime will use Xceptor to build out an extensive digital library of insurance documents, enabling the automation of downstream processes.
With more than 60 clients, including HSBC, JP Morgan, and Deutsche Bank, Xceptor is already well-known among banking leaders.
“This digitised single view of marine insurance records will deliver considerable efficiencies in both process and pricing,” said EY’s global vice chair of industry, Shaun Crawford. “Bringing in the generation and distribution of contracts between brokers and insurance underwriters is another exciting step to dramatically speeding up the production of an agreed final contract.”
“The current paper-intensive process takes a fleet of insurers to insure a single tanker,” said Xceptor CEO Andrew Kouloumbrides. “The process is lengthy and complicated, involves numerous insurers and brokers, along with many T&Cs, claims, sub-clauses and negotiations. It’s a complex process that is crying out for automation and a clear audit trail.”
Xceptor uses AI to to extract and transform any type of data from any source to help enterprises automate workflows. At FinovateEurope 2015, the company demoed version 4.0 of its intelligent automation solution.