istock-680381152_zapp2photo-2
iStock/ Zapp2photo
26 April 2019Insurance

Marsh unveils commercial blockchain solution for proof of insurance in US

Broker Marsh is launching its proof of insurance blockchain platform, developed in collaboration with IBM, ACORD and ISN, for its US commercial clients.

First launched as a proof of concept in April 2018, Marsh’s blockchain-powered proof of insurance aims to transform the process from manual and complicated to automated and streamlined, allowing clients to speed up necessary business functions while increasing coverage certainty.

Marsh said the initial roll out will include a self-service digital app for a select group of clients, that will be able to easily search, view, issue, and re-issue their certificates of insurance on-demand 24 hours a day. The company plans to add further capabilities to the platform in 2019.

“Today marks an important milestone in the development of Marsh’s Proof of Insurance Blockchain platform,” said Sastry Durvasula, chief digital officer and chief data & analytics officer, Marsh. “It builds a robust foundation for creating the network of networks that will enable certificate issuance and verification on a much broader scale, while providing intuitive digital self-service for our clients.”

Martin South, president of Marsh’s US and Canada division, added: “Proof of insurance is a key business requirement for many industries. By vastly simplifying the process of obtaining certificates, we will enable clients to spend more time focused on the things that matter such as growing their business.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

SCOR reveals 'strong' Q1 2019 results ahead of AGM

Tokio Marine to enter Myanmar general insurance market via joint venture

Qatar Re appoints Michael van der Straaten as new CEO

MS Amlin appoints new CFO from Old Mutual replacing Worth

Liberty Specialty Markets bolsters specialty binders team

Join us at Intelligent Automation & AI in Insurance - 21st May: London

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
16 May 2019   Brokers Aon and Guy Carpenter have teamed up with The Institutes RiskStream Collaborative to streamline the reinsurance placement process using distributed ledger technology (DLT).
Insurance
3 October 2018   Broker Marsh is developing what it describes as the first blockchain-based verification solution for clients in the sharing and gig economies, in partnership with Evident.
Insurance
17 April 2018   Insurance broker Marsh is launching a commercial blockchain solution for proof of insurance in collaboration with IBM, ACORD and ISN.