Insurance Broker Marsh Expands Blockchain Collaboration With IBMbr>
Global professional services firm Marsh is expanding its collaboration with tech giant IBM to provide clients with wider access to a blockchain solution for proof of insurance.
Headquartered in New York City, Marsh is a wholly owned subsidiary of Marsh & McLennan Companies, a global professional services firm in the areas of risk, strategy and people. In its core brokerage business, Marsh represents commercial businesses searching for insurance and arranges for coverage with other companies that actually offer the policies themselves. Its risk management services include business risk analysis of the geopolitical environment, cybersecurity consulting, business interruption potential, and regulatory issues.
In April of this year, Marsh partnered with IBM to build a commercial blockchain solution for proof of insurance with inputs from ACORD and customer feedback from ISN. Built on the open source Hyperledger Fabric technology and IBM Blockchain Platform, the solution aims to transform the certificate of insurance process from complicated and manual, to streamlined and transparent. It allows clients to speed up necessary business functions such as hiring contractors and transferring risk while increasing coverage certainty.
Marsh announced on Wednesday that it will be leveraging IBM’s strategic relationship with cloud computing company Salesforce to extend its commercial proof of insurance blockchain solution to be directly accessible to Marsh clients through the Salesforce Platform.
“By making proof of insurance accessible digitally and instantaneously for our clients through Salesforce, we are streamlining a key business requirement through easy and secure sharing of proof of insurance,” said Sastry Durvasula, Marsh’s Chief Digital, Data, and Analytics Officer.
IBM insurance general manager Sandip Patel said that the proof of insurance blockchain solution is an ideal example of how blockchain can be used to drive real business results and collaboration in the insurance industry.”
“Distributed ledger technologies are driving efficiency across many industries by enabling legacy manual processes to operate more efficiently and with greater transparency and trust,” said Patel.