Blockchain is a decentralized network where data is stored securely on the network and can’t be altered. This allows all parties on the blockchain to access the data without any trust issues, which is especially critical when it comes to financial transactions. BiTA membership allows companies to identify the issues they face and discuss possible solutions.
Anthony O’Brien, Chubb’s Head of Marine for Asia Pacific, said, “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. 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, said: “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.”
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. More information can be found at www.chubb.com.
Founded in August of 2017, BiTA promotes the development and adoption of blockchain applications in the trucking, transportation and logistics industries, including establishing industry-wide standards. Members include truckload, LTL, and parcel carriers, as well as shippers, tech startups and incumbents, insurance companies, law firms, and other industry participants who have an interest in integrating blockchain technology into their organizations. The Alliance has offices in Chattanooga, TN, and Singapore. For more information, please visit the BiTA website at www.bita.studio.