Marsh has announced it is partnering with IBM to develop a proof of insurance blockchain solution. The insurance brokerage and risk management firm is taking advantage of IBM’s link to Salesforce, a customer relationship firm. Marsh’s clients will access the proof of insurance platform under the partnership.
The arrangement is expected to ease the certificate of the insurance process.
“By using blockchain technology, Marsh and IBM are working together to transform the certificate of insurance process from complicated and manual, to streamlined and transparent, allowing clients to speed up necessary business functions such as hiring contractors,” Marsh says in a statement.
“Distributed ledger technologies are driving efficiency across many industries by enabling legacy manual processes to operate more efficiently and with greater transparency and trust,” Sandip Patel, General Manager, Insurance Industry at IBM said.
The proof of insurance blockchain solution was announced in April and is based on the HyperLedger Fabric, one of the Hyperledger projects which allows components, such as consensus and membership services, to be plug-and-play.
ACORD, the Association for Cooperative Operations Research and Development, that provides the global insurance industry with data standards and implementation solutions is also part of the partnership.
The solution is meant to boost efficiency as well as enhance transparency in an industry that is still treated with suspicion.
Blockchain solutions are gaining traction with major companies recently joining initiatives such as HyperLedger, an open source blockchain development platform.