Marsh unveils commercial blockchain solution for proof of insurance in US
Broker Marsh is launching its proof of insurance blockchain platform, developed in collaboration with IBM, ACORD and ISN, for its US commercial clients.
First launched as a proof of concept in April 2018, Marsh’s blockchain-powered proof of insurance aims to transform the process from manual and complicated to automated and streamlined, allowing clients to speed up necessary business functions while increasing coverage certainty.
Marsh said the initial roll out will include a self-service digital app for a select group of clients, that will be able to easily search, view, issue, and re-issue their certificates of insurance on-demand 24 hours a day. The company plans to add further capabilities to the platform in 2019.
“Today marks an important milestone in the development of Marsh’s Proof of Insurance Blockchain platform,” said Sastry Durvasula, chief digital officer and chief data & analytics officer, Marsh. “It builds a robust foundation for creating the network of networks that will enable certificate issuance and verification on a much broader scale, while providing intuitive digital self-service for our clients.”
Martin South, president of Marsh’s US and Canada division, added: “Proof of insurance is a key business requirement for many industries. By vastly simplifying the process of obtaining certificates, we will enable clients to spend more time focused on the things that matter such as growing their business.”
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