Marsh pilots new blockchain-powered platform to transform insurance placement process

Broker Marsh is piloting a new blockchain-powered digital placement platform that it claims has the potential to "transform the insurance placement process".

The new platform, called Risk Exchange, has been developed in Marsh Digital Labs. It aims to make the placement process an interactive, digital experience where clients, carriers and brokers can provide real time information and feedback on the placement and binding process.

US trade credit policies with carriers AIG and Euler Hermes will be the first insurance line to be bound on the Risk Exchange platform.

“This is an important milestone in Marsh’s digital transformation and a great example of applying emerging tech to create value for our clients,” said Sastry Durvasula, chief digital officer and chief data & analytics officer, Marsh. “Not only can clients experience a more organised, digitized placement process on the blockchain platform, but also one with greater transparency, security, and collaboration among all parties involved.”

Nick Robson, global credit specialties leader, Marsh JLT Specialty, added: “Digital platforms powered by blockchain are ideally suited for organisations that either generate or finance large amounts of account receivables. By digitizing the invoices, payments, and other trade and insurance documents of the parties involved, we can streamline the trade credit insurance placement process, drive efficiencies, and improve the overall buying experience.”

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