A year after it began a collaboration to develop the product, insurance broker Marsh has announced that it has begun the rollout of its proof of insurance blockchain platform to U.S. commercial clients.
Originally introduced as a proof of concept last April, Marsh’s blockchain-powered proof of insurance automates and streamlines the manual process, allowing clients to speed up necessary business functions while increasing coverage certainty.
Marsh said the initial rollout will include a self-service digital app for a select group of Marsh clients. They will be able to easily search, view, issue, and re-issue their certificates of insurance on-demand 24 hours a day. Following the initial rollout, Marsh said it will add further capabilities will be added to the platform in 2019.
Marsh worked with IBM, ACORD and its client, ISN, a Dallas-based specialist in contractor and supplier information management, on the project.
Sastry Durvasula, chief digital officer at Marsh said the blockchain product serves as a “robust foundation” for enabling certificate issuance and verification on a “much broader scale, while providing intuitive digital self-service for our clients.”
Marsh will be previewing the blockchain platform to clients at the RIMS 2019 Annual Conference & Exhibition in Boston next week.
Last September, Marsh said it had expanded its collaboration with IBM to provide clients with the blockchain product for proof of insurance through the Salesforce customer management platform.
Marsh has another blockchain project in the works as well. Last October, the broker announced that it had begun developing the first blockchain-based verification product for clients in the sharing and gig economies. Working in collaboration with Evident, a data security platform that allows businesses to run verifications without handling sensitive personal data, the blockchain product aims to streamline the onboarding of gig economy workers.
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