IQAX has partnered with COSCO Shipping Captive Insurance to facilitate supply chain digitisation and widen the capabilities of IQAX eBL.
COSCO Shipping Captive is owned by China COSCO Shipping Corporation, a Chinese state-owned group focused on marine transportation services.
The partnership will facilitate access to system and technical support that will make it possible for customers to transfer electronic insurance policies along with electronic bills of lading (eBL) simultaneously.
IQAX is a global information technology company that provides digital transformation solutions using blockchain for logistics companies.
The captive’s underwriting book primarily consists of marine hull business for the parent group and its affiliates.
Shippers can view electronic insurance policies issued from the shipping insurance e-platform directly through IQAX eBL and transfer them alongside eBLs.
A cooperative agreement between IQAX, COSCO Shipping Captive Insurance, COSCO Shipping Lines and the Global Shipping Business Network (GSBN), ensures that a shipping insurance e-platform will work together with the GSBN blockchain platform and the IQAX eBL system.
A COSCO Shipping Lines (Wuhan) customer was the first to complete a synchronised transfer of both a blockchain-based eBL and an electronic insurance policy through a one-click title transfer on 14 December.