Marsh, in collaboration with IBM ACORD, and ISN, announced the plans for using blockchain technology in commercial proof of insurance.
By using blockchain, Marsh is fundamentally transforming 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 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.“
A distributed ledger technology, blockchain is ideally suited 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.
Since proof of insurance is a key business requirement in many industries, this blockchain solution opens the door to creating a network of networks to provide verification on a much broader scale. Currently in pilot, Marsh’s new blockchain network is expected to go into production later this year.
“Vastly simplifying the process for providing proof of insurance is a key enabler of business. IBM is committed to connecting emerging blockchain networks to facilitate the next generation economy. This is an ideal example of how blockchain can be used on a much broader scale to drive real business results,“ said Sandip Patel, general manager, insurance industry, IBM.
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