Marsh, a provider of insurance broking and risk management solutions, in collaboration with IBM, ACORD, and ISN, has introduced blockchain capabilities to an important part of the insurance value chain. The blockchain technology is being applied to the certificate of insurance process, intended to enable clients to speed up necessary business functions such as hiring contractors and transferring risk while increasing coverage certainty.
Built on the open source Hyperledger Fabric technology and IBM Blockchain Platform, Marsh is developing the commercial proof of insurance solution in conjunction with IBM, with input from ACORD, an insurance industry standards body, and customer feedback from ISN, a client of Marsh that provides contracting services.
Since proof of insurance is a key business requirement in many industries, this blockchain solution opens the door to creating a network of networks to provide verification on a much broader scale.
“Vastly simplifying the process for providing proof of insurance is a key enabler of business. IBM is committed to connecting emerging blockchain networks to facilitate the next generation economy. This is an ideal example of how blockchain can be used on a much broader scale to drive real business results,” said Sandip Patel, general manager of insurance industry for IBM.
A distributed ledger technology, blockchain is ideally suited to large networks of partners. It establishes a shared, immutable record of all the transactions that take place within a network and then enables permissioned parties access to trusted data in real-time.
For more details, go to http://ibm.com.