Insurance broking firm Marsh, in collaboration with IBM, ACORD, and ISN, has announced the first commercial blockchain solution for proof of insurance.
Currently in the pilot phase, the blockchain solution is aimed at transforming the certificate of insurance process from the existing complicated and manual to more streamlined and transparent. It would allow clients to speed up necessary business functions such as hiring contractors and transferring risk while increasing coverage certainty.
The solution is built on the open source Hyperledger Fabric technology and IBM Blockchain Platform. It is being developed 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.”
According to the official release, Marsh’s new blockchain network is expected to go into production later this year.
