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Leading insurance broker Marsh has announced that it is piloting a new blockchain-powered digital placement platform.
Called Risk Exchange, the platform will enable clients, carriers, and Marsh brokers to provide real-time information and feedback on the placement and binding process. Marsh believes the platform can transform the insurance placement process toward an interactive and digital experience.
The pilot will see Marsh clients, Dow Inc. and SharkNinja, binding United States trade credit policies with leading carriers AIG and Euler Hermes. During the process, they will receive real-time status updates and notifications.
Nick Robson, Global Credit Specialties Leader, Marsh JLT Specialty, said that blockchain-based digital platforms are ideally suited for organizations that either generate or finance large amounts of account receivables.
“By digitizing the invoices, payments, and other trade and insurance documents of the parties involved, we can streamline the trade credit insurance placement process, drive efficiencies, and improve the overall buying experience,” he said.
In April 2018, Marsh, in collaboration with IBM, ACORD, and ISN, announced the first commercial blockchain solution for proof of insurance. Earlier this year, it rolled out the platform, built on Hyperledger Fabric technology and IBM Blockchain Platform, to U.S. commercial clients.
More recently, Marsh arranged a comprehensive insurance program for cryptocurrency custodian KNØX, which offers up to 100% insurance coverage to clients, CoinDesk reported.
