Blockchain Solution For Proof Of Insurance Rolled Out By Marsh

Blockchain, News | April 26, 2019 By:

New York-based insurance broker Marsh will be releasing its Proof of Insurance Blockchain platform to US commercial clients.

Marsh is a wholly owned subsidiary of Marsh & McLennan Companies, a global professional services firm in the areas of risk, strategy and people. Its risk management services include business risk analysis of the geopolitical environment, cybersecurity consulting, business interruption potential, and regulatory issues. The company claims to have over 30,000 colleagues that advise individual and commercial clients of all sizes in over 130 countries.

Marsh’s blockchain-powered Proof of Insurance platform, which was launched as a proof of concept in April 2018, was developed in collaboration with IBM, ACORD, and ISN. Built on Hyperledger Fabric technology and IBM Blockchain Platform, the solution transforms the certificate of insurance process from manual and complicated to automated and streamlined, allowing clients to speed up necessary business functions while increasing coverage certainty.

“Proof of insurance is a key business requirement for many industries,” said Martin South, President of Marsh’s US and Canada division. “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.”

The platform’s initial release will include a self-service digital app for a select group of Marsh clients, that will be able to easily search, view, issue, and re-issue their certificates of insurance on-demand 24 hours a day. Following the initial rollout, further capabilities will be added to the platform later this year.

“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.”