Blockchain Solution For Proof Of Insurance Planned By Marsh, IBMbr>
Marsh, a global insurance brokerage and risk management firm, has announced that it is developing a blockchain insurance verification platform.
Marsh is a subsidiary of Marsh & McLennan Companies and a member of its Risk & Insurance Services business unit. The company’s risk management services include business risk analysis of the geopolitical environment, cybersecurity consulting, business interruption potential, and regulatory issues. It also represents commercial businesses searching for insurance and arranges for coverage with other companies that actually offer the policies themselves.
The blockchain project is a partnership between Marsh, IBM, ISN, and ACORD. ISN is a provider of contractor and supplier information management services, while ACORD is a global standards-setting body for the insurance and financial services industries.
The companies are working together to develop a blockchain solution for proof of insurance. The goal of the platform is to transform the certificate of insurance process from complicated and manual to streamlined and transparent. It will allow clients to speed up necessary business functions such as hiring contractors and transferring risk while increasing coverage certainty.
The solution will be built on the open source Hyperledger Fabric technology and IBM Blockchain Platform. The blockchain insurance verification platform is expected to to go into production later this year, and ISN will be the first Marsh client to pilot the solution.
Sastry Durvasula, chief digital officer and chief data & analytics officer of Marsh, said the company sees great opportunity in leveraging blockchain technology to better serve their clients by maximizing efficiency and creating new opportunities in the insurance value chain.
“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,” said Durvasula.
Brett Parker, technical insurance lead at ISN, said that the insurance industry has been dependent on paper certificates of insurance, manually populated by an insurance agent. By digitizing the policy information, he said, they can streamline the process saving their customers time to focus on their core competencies.