The first commercial blockchain solution for proof of insurance is seeing the light of day.
Brokerage giant Marsh has unveiled the big news – it is developing the commercial proof of insurance solution, but not without the help of friends. Collaborating with IBM, ACORD, and ISN, Marsh is positive this will open the door to creating a network of networks to provide verification on an even wider scale.
“Marsh sees great opportunity in leveraging blockchain technology to better serve our clients by maximising efficiency and creating new opportunities in the insurance value chain,” said Marsh chief digital officer and chief data & analytics officer Sastry Durvasula. “We believe strategic engagements such as this one with IBM, ACORD, and ISN will help accelerate the adoption of further blockchain applications benefiting our clients across industries.”
ISN is the first client to pilot the solution, which is built on the open source Hyperledger Fabric technology and IBM blockchain platform. For ISN technical insurance lead Brett Parker, customers will have more time to focus on their core competencies if the process is streamlined by digitising the policy information.
“Vastly simplifying the process for providing proof of insurance is a key enabler of business,” concurred IBM’s Sandip Patel, general manager for insurance industry. “IBM is committed to connecting emerging blockchain networks to facilitate the next generation economy. This is an ideal example of how blockchain can be used on a much broader scale to drive real business results.”
Meanwhile input is provided by ACORD (Association for Cooperative Operations Research and Development), whose president and chief executive Bill Pieroni believes the solution is key to evolving standards, enhancing data leverage, and enabling state-of-the-market technology to better integrate its members and foster innovation.
Marsh expects its new blockchain network to go into production later this year.