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Marsh to rollout proof of insurance blockchain platform

Image Via Deal Street Asia

Fri, 26 Apr 2019, 05:31 am UTC

Insurance broker Marsh has announced that it will start rolling out its Proof of Insurance Blockchain platform to US commercial clients.

In April 2018, Marsh, in collaboration with IBM, ACORD, and ISN, announced the first commercial blockchain solution for proof of insurance. Built on Hyperledger Fabric technology and IBM Blockchain Platform, the solution aimed to transform the certificate of insurance process, making it more streamlined and transparent.

Marsh said that the solution will enable clients to speed up necessary business functions while increasing coverage certainty.

“Today marks an important milestone in the development of Marsh’s Proof of Insurance Blockchain platform,” said Sastry Durvasula, Chief Digital Officer and Chief Data & Analytics Officer, Marsh. “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.”

According to the official release, the initial rollout includes a self-service digital app for a select group of Marsh clients, allowing them to easily search, view, issue, and re-issue their certificates of insurance on-demand 24 hours a day. Following the initial rollout, further capabilities will be added to the platform in 2019.

“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,” Martin South, President of Marsh’s US and Canada division, added.

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