COSCO Shipping Captive Insurance Co is the first shipping captive insurance company in China. Credit: Daniel Wright98/ Shutterstock.

Chinese shipping insurance company, COSCO Shipping Captive Insurance, has partnered with IQAX Limited to promote the capabilities of IQAX electronic bills of lading (eBL).

This strategic alliance will provide consumers with access to the system and technical support, allowing them to transfer electronic insurance policies, as well as eBL at the same time.

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The agreement features a four-party collaboration agreement between IQAX, COSCO Shipping Captive Insurance, COSCO Shipping Lines, and the Global Shipping Business Network (GSBN).

On 14 December, a COSCO customer was the first to carry out a one-click title transfer that coordinated the transfer of both a blockchain-based eBL and an electronic insurance policy.

According to IQAX, the partnership will stipulate that a shipping insurance e-platform will collaborate with the Global Shipping Business Network (GSBN) and the IQAX eBL system.

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In a statement IQAX highlighted a milestone in China’s shipping and digital transformation: “The cooperation between IQAX eBL and COSCO Shipping Captive Insurance marks a new milestone in the digital transformation of China’s shipping cross-border trade, promoting the eBL system as a new engine to develop strategic emerging industries in the digital shipping economy and expanding the IQAX eBL ‘circle of friends’.

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“IQAX will bring customers a more powerful and convenient system experience by constantly improving the design capability of the digital solution, continuing to innovate and accumulating technical experience.”

IQAX eBL is compliant with the Uniform Customs and Practice for Documentary Credits for Electronic Presentation (eUCP) and has received official approval from the International Group of Protection last year.

Shippers will now have access to and transmit electronic insurance policies issued by the shipping insurance e-platform directly through IQAX eBL, transferring and exchanging insurance policies.