Insurance broker and risk adviser Marsh said that it will start rolling out its proof of insurance blockchain platform to its commercial clients in the US.
Image: Marsh will introduce proof of insurance blockchain platform to its US commercial clients. Photo: courtesy of Pete Linforth/Pixabay.
The blockchain-powered proof of insurance is claimed to automate and streamline a manual and complicated process. The transformation is expected to enable clients in speeding up their business functions while boosting coverage certainty, said the company.
Marsh’s proof of insurance blockchain platform was launched originally as a proof of concept in April 2018.
The company said that the initial rollout of the blockchain platform will include a self-service digital app for certain clients. The app will have the capability of easily searching, viewing, issuing, and re-issuing the clients’ certificates of insurance on-demand round the clock.
Marsh chief digital officer and chief data and analytics officer Sastry Durvasula said: “Today marks an important milestone in the development of Marsh’s Proof of Insurance Blockchain platform. It builds a robust foundation for creating the network of networks that will enable certificate issuance and verification on a much broader scale, while providing intuitive digital self-service for our clients.”
Marsh said that after the initial rollout it will add additional capabilities to the blockchain platform in 2019.
According to the company, blockchain sets up a shared, unchangeable record of all the transactions that take place within a network after which it enables permitted parties real-time access to trusted data.
Marsh US and Canada president Martin South said: “Proof of insurance is a key business requirement for many industries. By vastly simplifying the process of obtaining certificates, we will enable clients to spend more time focused on the things that matter such as growing their business.”
In September 2018, Marsh expanded its partnership with IBM to offer blockchain proof of insurance to more clients through the Salesforce platform.
Prior to that, in April 2018, Marsh collaborated with IBM, ACORD, and ISN to create the first commercial proof of insurance blockchain solution.
The blockchain solution was built on the open source Hyperledger Fabric technology and IBM Blockchain Platform, with ACORD and ISN giving input and customer feedback, respectively.