Marsh takes a lead in developing blockchain for real, pratical use in contracts
Marsh and IBM have teamed up to create a blockchain offering for commercial insurance.
Using IBM’s Blockchain Platform, Marsh aims to pilot the project later this year.
ISN, a global firm in contractor and supplier information management headquartered in Dallas, Texas, is the first Marsh client to pilot the solution.
Contractor liabilty blockchain
Blockchain has huge potential for insurance, but Marsh is using it to begin with in a very specifc way.
The Marsh blockchain will allow businesses to certify that their contractors have proper insurance coverage.
Contractors need liability coverage in place before being hired, such as public liability insurance, in case a member of the public is injured in their work.
The certificate of insurance document used to prove coverage is frequently in PDF or paper form - meaning it can be faked, damaged, lost or misplaced.
By putting the document on blockchain, the certificate of insurance can be updated online, have the most up-to-date and correct versions viewed onilne, and finally, it is nearly impossible to tamper with.
Only those with permission can access the blockchain real-time platform. It aims to replace a manual, paper-based system which Marsh uses currently.
“Marsh sees great opportunity in leveraging blockchain technology to better serve our clients by maximizing efficiency and creating new opportunities in the insurance value chain,” Sastry Durvasula, Marsh’s chief digital officer and chief data and analytics office
Non-profit ACORD Corporation is also involved. ISN will provide customer feedback.
The proposition will be developed using the Hyperledger Fabric code as well as IBM’s Blockchain Platform.
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