The global leader in insurance broking and risk management, Marsh in collaboration with American multinational technology company IBM, ACORD, and ISN, together announced the first commercial blockchain solution for proof of insurance.
Marsh proposed an initiative to implement blockchain based certificate of insurance. Current scenario for the certificate of insurance process is manual and complicated. By implementing the distributed ledger-based technology solution can transform the certificate of insurance process to a more transparent, secure and streamlined. This will ultimately increase the speed of business functions for the clients. Functions include hiring contractors, transferring risk while increasing coverage certainty.
IBM is recognized as the leading enterprise blockchain provider. They are leading in open-source blockchain solutions built for the enterprises. Also, they have developed various blockchain business platforms and have broken barriers in transaction processing speeds, developed the most advanced cryptography to secure transactions, and are contributing millions of lines of open source code to advance blockchain for businesses.
The solution they have developed is built on the open source Hyperledger fabric technology and IBM is providing the blockchain platform. The technology is developed in conjunction with IBM, with input from ACORD, the Association for Cooperative Operations Research and Development, a non-profit organization 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.”
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. Marsh’s new ledger technology network will be launched soon later this year, says the official release.