Reinsurance News

Chubb announces membership to blockchain solutions startup BiTA

16th July 2018 - Author: Charlie Wood

Global property and casualty insurer Chubb has become an industry association member of the Blockchain in Transport Alliance (BiTA), a company designed to promote the development of blockchain use through applications in the trucking and transportation logistics industries.

Chubb logoChubb hopes the move will aid in further digitising its products and services, specifically its transport lines of business, by leveraging the benefits of blockchain technologies.

Essentially an immutable, decentralised ledger, blockchain has been heralded as an industry-altering platform. In theory, blockchain enables the streamlining of processes such as underwriting, client data collection and claim payments by eliminating paperwork, improving on impractical systems for data storage and removing communication hurdles between insurers.

“Chubb is committed to the digitization of its products and services, offering innovative online shipment insurance options for agents close to transport communities, transport operators and their shippers,” explained Anthony O’Brien, Chubb’s Head of Marine for Asia Pacific.

“Apart from our award-winning CargoAdvantage® web-based marine insurance quoting and certificate issuing system, we have a number of pilot projects to automate shipment insurance transactions.”

“These can be adapted for blockchain environments to enhance processes and cost transparencies. We are pleased to be part of the BiTA network where discussions and collaboration with industry leaders will stand us in good stead as we strive to develop seamless trading platforms to meet the needs of the fast-changing transport community.”

Soeren Duvier, Managing Director of BiTA in Asia, added, “Chubb represents a global leader in marine insurance and it has been working with a wide area of blockchain applications in the activities and we are proud to have them as a member of BiTA. It is great to see Chubb recognizing the value that BiTA brings to the global transportation industry. We see also great potential in China following the Chubb addition to our memberships in Asia.”

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