Global insurance broker Marsh has announced that it is piloting a new digital placement platform powered by blockchain technology.
The platform, Risk Exchange, was proposed by a winning Marsh hackathon team and further developed in Marsh Digital Labs. It allows Marsh brokers to provide real-time information and feedback on the placement and binding process.
In the pilot program, Marsh clients Dow and SharkNinja will bind US trade-credit policies with carriers AIG and Euler Hermes, receiving real-time status updates and notifications throughout the process.
“This is an important milestone in Marsh’s digital transformation and a great example of applying emerging tech to create value for our clients,” said Sastry Durvasula, chief digital officer and chief data and analytics officer for Marsh. “Not only can clients experience a more organised, digitised placement process on the blockchain platform, but also one with greater transparency, security and collaboration among all parties involved.”
“Digital platforms powered by blockchain are ideally suited for organisations that either generate or finance large amounts of account receivables,” said Nick Robson, global credit specialties leader for Marsh JLT Specialty. “By digitising the invoices, payments and other trade and insurance documents of the parties involved, we can streamline the trade-credit insurance placement process, drive efficiencies, and improve the overall buying experience.”