Marsh partners in commercial blockchain solution for proof of insurance
Insurance broker Marsh is launching a commercial blockchain solution for proof of insurance in collaboration with IBM, ACORD and ISN.
By using blockchain technology, Marsh aims to transform the certificate of insurance process from complicated and manual to streamlined and transparent, allowing clients to speed up necessary business functions such as hiring contractors and transferring risk while increasing coverage certainty.
Built on the open source Hyperledger Fabric technology and IBM Blockchain Platform, Marsh is developing the commercial proof of insurance solution in conjunction with IBM, with input from standards-setting body ACORD, and customer feedback from ISN.
“Marsh sees great opportunity in leveraging blockchain technology to better serve our clients by maximizing efficiency and creating new opportunities in the insurance value chain,” said Sastry Durvasula, chief digital officer and chief data & analytics officer, Marsh. “We believe strategic engagements such as this one with IBM, ACORD, and ISN will help accelerate the adoption of further blockchain applications benefiting our clients across industries.”
Distributed ledger technology blockchain is deemed suitable to large networks of partners. It establishes a shared, immutable record of all the transactions that take place within a network and then enables permissioned parties access to trusted data in real-time.
Proof of insurance is a key business requirement in many industries and blockchain solution opens the door to creating a network of networks to provide verification on a much broader scale, according to Marsh.
Currently in pilot, Marsh’s new blockchain network is expected to go into production later this year. ISN, a global supplier in contractor and supplier information management is the first Marsh client to pilot the solution.
“The insurance industry has been dependent on paper certificates of insurance, manually populated by an insurance agent,” said Brett Parker, technical insurance lead, ISN. “By digitizing the policy information, we can streamline the process saving our customers time to focus on their core competencies.”
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