LONDON, UK – Global professional services firm Aon has been given until January 31 to respond to a lawsuit filed by Clear Blue, a company linked to insurtech platform Vesttoo. Clear Blue alleges that Aon breached a confidentiality agreement and misused its trade secrets to develop its own blockchain-based insurance product.
The lawsuit, filed in London, accuses Aon of using Clear Blue’s proprietary technology and confidential information to create the “Unitized Risk Platform” (URP), which was unveiled in October 2021. Clear Blue claims that it shared detailed information about its blockchain-based risk transfer solution with Aon under a mutual non-disclosure agreement.
According to Clear Blue, Aon’s URP, which allows for the pooling of risks and trading of insurance contracts, infringes on its intellectual property rights. Clear Blue is seeking damages from Aon, as well as an injunction to prevent the further use of its proprietary technology.
Clear Blue’s CEO expressed disappointment in Aon’s alleged actions, stating that Clear Blue had trusted Aon with its confidential information in the hopes of potentially collaborating with the global firm. This collaboration would have allowed Clear Blue to benefit from Aon’s vast network and expertise in the insurance industry.
Aon, on the other hand, has not publicly responded to the lawsuit or the specific allegations made by Clear Blue. However, the company has emphasized its commitment to innovation and the development of blockchain-based solutions in the insurance sector.
This legal dispute highlights the growing importance of blockchain technology in insurance, as firms seek to streamline processes and improve efficiency. The case also raises questions about the protection of intellectual property and the responsibility of companies to uphold confidentiality agreements.
In conclusion, insurance firm Aon has been given until January 31 to respond to a lawsuit filed by Clear Blue, accusing the company of breaching a confidentiality agreement and misusing trade secrets. Clear Blue claims that Aon used its proprietary technology and confidential information to develop its own blockchain-based insurance product. Aon has yet to publicly respond to the allegations. This case sheds light on the increasing significance of blockchain in the insurance industry and raises concerns regarding intellectual property rights and the need for companies to uphold confidentiality agreements.