Data Gumbo Corp., the trusted transactional blockchain network for tomorrow’s industrial leaders, said April 2 that Prescient Underwriting Management & Associates (PUMA), a marine and energy risk management and insurance underwriting operation, is utilizing Data Gumbo’s blockchain-based network, GumboNet, to power its risk transfer platform.

With GumboNet, Prescient will enhance its insurance offerings with the cost savings and truth immutability inherent in blockchain transactions. Additionally, the network will reduce the layers particular to insurance contract writing making contracts more efficient and quicker.

“Contracts are the first step in risk management, and Prescient is adopting our network to foster accountability and transparency in the insurance business,” Andrew Bruce, CEO and founder of Data Gumbo, said. “With a customer base in oil and gas onshore and offshore operations, Data Gumbo delivers real-time visibility that is pioneering first-of-its-kind insurance underwriting capabilities for Prescient.”

Built initially for oil and gas, GumboNet frees industry from building and sustaining stand-alone, in-house blockchain solutions with an inherent lack of interoperability and neutrality. By putting its insurance program on GumboNet, Prescient will access real-time data to execute risk mitigation and loss avoidance solutions to improve industry experience. Prescient’s underwriting platform can provide a reduction in operational costs up to 30% with the potential to save companies billions of dollars in real-time loss avoidance.

“When applied to the marine and energy insurance underwriting process, GumboNet yields increased operational efficiencies, contract certainty, accountability, transparency, customer service and reduced costs,” Pascal Ray, founder of Prescient, said.