Multinational technology company IBM has announced that it has been working with global insurance broker Marsh to develop the world’s first commercial blockchain solution for proof of insurance.
The development of the ledger system is set to transform proof of insurance from being a complicated, time consuming, manual process to being streamlined and transparent, enabling greater efficiency for Marsh’s clients for common business processing such as hiring contractors.
“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,” said Sastry Durvasula, Chief Digital Officer and Chief Data & Analytics Officer of Marsh.
Both Acord and Dallas-based ISN are also working in collaboration with IBM and Marsh, with the blockchain system being built on the open source Hyperledger Fabric technology and IBM’s own Blockchain Platform.
With proof of insurance being an important administrative requirement across a significant number of industries, the blockchain system is likely to benefit a wide range of firms once it is made available later this year.
“Vastly simplifying the process for providing proof of insurance is a key enabler of business,” said Sandip Patel, general manager, insurance industry, IBM. “This is an ideal example of how blockchain can be used on a much broader scale to drive real business results.”
ISN is the first of Marsh’s clients to pilot the solution.