​CarbonChain

Cohort: Cohort 6, 2021 

Focus in insurance value chain/workflow: Point of Underwriting, Compliance & Regulatory Support 

Specific lines of business supported: Corporate, Speciality  

Founded: 2019 

Status: Not operating in Insurance

Company type: Software Provider 

Head office: United Kingdom 

Main global offices: United Kingdom 

Locations served: Global 

Employee count: 11-100 

CarbonChain provides a platform that enables companies to track, report and reduce their supply chain emissions. The company focuses on the most carbon-intensive industries including metals, mining, agriculture and manufacturing. CarbonChain’s clients are manufacturers, banks, commodities traders and freight companies. 

Primary way aimed to improve insurance processes and tools whilst in the Accelerator:  New sources of risk insight - data or models  

CarbonChain’s original proposal was to build a new database for marine underwriters to allow them to understand the emissions of vessels they are insuring. This pilot project was designed in partnership with Atrium in the Accelerator. 

During development, the team noticed a potential for the technology to work across wider underwriting portfolios for larger industrial conglomerates. With Tokio Marine Kiln, they explored this idea and, following a successful trial using a small data set during the Accelerator programme, launched a live project looking at a portfolio of approximately 2,000 companies. 

A methodology framework was developed to measure customers’ emissions and compare them with their industry and regional peers, translating this into a “carbon risk rating” that could be taken into account when considering each policy at the point of underwriting.