IBM Partners With Insurance Firm To Apply Blockchain For Proof Of Insurance
According to a report which was released on April 16; Marsh Insurance, a global insurance brokerage and risk management firm, announced the first commercial Blockchain solution for proof of insurance. With this application of Blockchain technology, Marsh aims to transfigure the certificate of insurance process “from complicated and manual to streamlined and transparent”. This will reportedly allow customers to improve business functions such as hiring contractors and transferring risk, while increasing certainty of coverage.
The project is a partnership between Marsh, IBM, ACORD, and ISN. ACORD is a global standards-setting body for the insurance and financial services industries. ISN is a provider of contractor and supplier information management services. The new proof of insurance solution is being developed on the open source Hyperledger Fabric technology and IBM Blockchain Platform.
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. 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.”
– Sastry Durvasula, Chief Digital & Chief Data Analytics Officer, Marsh.
Currently, the Blockchain network is in its pilot version, but is expected to enter production later this year. Last month, the Blockchain initiative B3i announced the formation of the startup B3i Service AG, which aims to create a Blockchain trading platform for a value-added chain of the entire insurance industry.