Marsh’s Blockchain Proof of Insurance Collaboration With IBM Expanded Further Through Salesforce

2018-10-2 14:49

Insurance broking and innovative risk management service provider Marsh will continue honing its collaboration with IBM to provide blockchain-based proof of insurance to its growing client base. The solution is designed to provide commercial insurance services that run on the Salesforce Platform. The two industry behemoths have made the manual and tiring process of getting a certificate of insurance less complicated while making it more transparent and streamlined.

IBM’s Blockchain Solutions Help Marsh

IBM’s robust blockchain platform and its strategic partnership with Salesforce brings a wealth of distributed ledger opportunities for Marsh in the insurance sector. The commercial proof-of-insurance solution can be accessed directly by Marsh clients using Salesforce. The project was demonstrated at Salesforce’s Dreamforce 2018, which took place in San Francisco.

Chief Digital, Data, and Analytics Officer at Marsh Sastry Durvasula said that the company is streamlining an important business requirement through secure and easy sharing of information, which is made available digitally and instantaneously to its clients. The solution helps in creating a broad network of networks, which makes verification and information sharing easier and provides access to trusted data.

Injecting New Life in the Partnership

The IBM partnership for providing proof-of-insurance services on blockchain was announced in April this year with input from ACORD, a leader in insurance standards, and customer feedback from ISN, a leader in contractor and supplier information management services. It is powered by the IBM Blockchain Platform and built on the Hyperledger Fabric technology, one of the most innovative open-source blockchain projects favored by enterprises.

At the time of launch, Durvasula commented that Marsh sees a “great opportunity” in using blockchain technology. It can be used to serve the company’s clients better and help maximize the efficiency of the existing insurance value chain.

General Manager of Insurance Industry at IBM Sandip Patel, on the other hand, said:

“Distributed ledger technologies are driving efficiency across many industries by enabling legacy manual processes to operate more efficiently and with greater transparency and trust. This innovation is an ideal example of how blockchain can be used to drive real business results and collaboration in the insurance industry.”

Marsh’s Blockchain Proof of Insurance Collaboration With IBM Expanded Further Through Salesforce was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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