IBM finds firm blockchain ground with Marsh proof of insurance pilot
Marsh, an insurance broking and risk management firm, has teamed with IBM and others for the first commercial blockchain solution for proof of insurance.
Built on the open source Hyperledger Fabric technology and IBM’s blockchain platform
Also involved in this quest-hungry quartet were Acord (Association for Cooperative Operations Research and Development) and ISN, a contractor and supplier information management provider.
According to IBM, Marsh wants to change the certificate of insurance process to allow clients to “speed up necessary business functions such as hiring contractors and transferring risk while increasing coverage certainty”.
“This is an ideal example of how blockchain can be used on a much broader scale to drive real business results,” says Sandip Patel, general manager, insurance industry, IBM.
Built on the open source Hyperledger Fabric technology and IBM’s blockchain platform, Marsh is also developing the solution with input from Acord, and customer feedback from ISN.
As others have said in our vast fintech world, IBM explains that blockchain is “ideally suited to large networks of partners” because 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”.
Currently in pilot, Marsh’s new blockchain network is expected to go into production later this year. ISN, headquartered in Dallas, Texas, is the first Marsh client to pilot the solution.
