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Insurance broking firm Marsh, in collaboration with Evident, is developing a blockchain-based identity and insurance verification solution.
The blockchain solution is designed to simplify the insurance and identity verification process with added trust, safety, and risk management, which will help streamline the onboarding of gig economy workers.
Earlier in April, Marsh, in collaboration with IBM, ACORD, and ISN, announced a commercial blockchain solution for proof of insurance. It said that integrating its blockchain’s capabilities with Evident’s Identity Assurance Platform will help digitize certificates of insurance into immutable records, which could be instantly verified by all permissioned parties.
“The beauty of blockchain technology is its ability to provide trust, efficiency, and security across ecosystems,” said Sastry Durvasula, Chief Digital, Data and Analytics Officer at Marsh. “As the need for insurance and identity verification grows, our collaboration with Evident harnesses the power of blockchain to transform a major business challenge for the sharing and gig economies.”
Evident is a data security platform that allows businesses to run comprehensive, accurate verifications without handling sensitive personal data. Its Identity Assurance Platform has been built to bring confidence to every identity and credential verification.
“Verification and validation cause significant friction in the sharing economy. Solving this challenge requires a solution that brings together trusted information from several parties,” said David Thomas, CEO of Evident. “Integration of our platform’s identity verification capabilities with Marsh’s blockchain will streamline the onboarding of gig workers and offer an unparalleled ability to verify key information, all while ensuring our customers minimize their exposure to their data.”
