Insurance broking and risk management solutions provider Marsh has expanded its partnership with IBM to provide blockchain proof of insurance to more clients via Salesforce platform.
With the help of blockchain technology, Marsh and IBM are seeking to transform the complicated and manual process of certificate of insurance to streamlined and transparent.
As a result, the simplified process will enable clients to quicken up required business functions like hiring of contractors and transferring risk while improving coverage certainty.
Marsh chief digital, data, and analytics officer Sastry Durvasula said: “By making proof of insurance accessible digitally and instantaneously for our clients through Salesforce, we are streamlining a key business requirement through easy and secure sharing of proof of insurance.”
According to Marsh, blockchain sets up a shared, unchangeable record of all the transactions that occur within a network and then allows permitted parties real-time access to trusted data.
The insurance brokerage giant said that as proof of insurance is an important business requirement in several industries, the new insurance blockchain solution enables the creation of a network of networks to deliver verification on a much wider scale.
IBM insurance industry general manager Sandip Patel said: “Distributed ledger technologies are driving efficiency across many industries by enabling legacy manual processes to operate more efficiently and with greater transparency and trust.
“This innovation is an ideal example of how blockchain can be used to drive real business results and collaboration in the insurance industry.”
In mid-April, Marsh joined forces with IBM, ACORD, and ISN to create the first commercial proof of insurance blockchain solution.
The commercial proof of insurance blockchain solution is built on the open source Hyperledger Fabric technology and IBM Blockchain Platform, with ACORD and ISN providing input and customer feedback, respectively.
Marsh, which is a subsidiary of Marsh & McLennan Companies, is engaged in providing insurance broking and innovative risk management solutions.
Earlier this month, Marsh & McLennan Companies signed a deal to acquire Jardine Lloyd Thompson Group, a UK-based insurance and reinsurance broker, for $5.6bn.