Re/insurance broker and risk management firm Marsh, LLC has announced that it has joined the Enterprise Ethereum Alliance (EEA).
Now with over 400 member companies, the EEA is the world’s largest blockchain initiative, although Marsh represents the first re/insurance broker to join its ranks.
The EEA’s objective is to establish industry standards for blockchain applications based on the core Ethereum platform, and consists of organisations in technology, financial services, health care, energy, and manufacturing, as well as a number of start-ups.
As the latest member to join the EEA, Marsh will now collaborate with other members in the Insurance Working Group and Digital Identity Working Group to drive the adoption of blockchain applications.
Sastry Durvasula, Chief Digital Officer and Chief Data & Analytics Officer at Marsh, said: “We see the potential of blockchain technology as having a game-changing impact on the risk management and insurance industry — one that enables the creation of new business models, products, and platforms that better serve our clients in the new economy.
“By joining the EEA, we will be able to collaborate with other members to explore new solutions and disruptive use cases, while participating in the evolution of Ethereum into enterprise-grade blockchain technology.”
In related developments, Marsh also recently joined The Institutes RiskBlock™ Alliance, a blockchain consortium for the risk management and re/insurance industry that seeks to leverage blockchain to reduce industry transaction costs and increase the speed and security of data transfers.