Global re/insurance broker Marsh is expanding its blockchain partnership with IBM, five months after announcing its decision to use the technology to streamline proof of insurance processes.
It’s hoped that blockchain technology will transform the certificate of insurance process, which is currently manual, and allow clients to more easily hire contractors and transfer risk while increasing coverage certainty.
The expansion of Marsh’s partnership with IBM, which was first announced in April of this year, will make the solution directly accessible to its clients through the Salesforce Platform, an on-demand customer relationship management (CRM) suite.
The new initiative was demonstrated on September 26 at Salesforce’s Dreamforce event in San Francisco.
“By making proof of insurance accessible digitally and instantaneously for our clients through Salesforce, we are streamlining a key business requirement through easy and secure sharing of proof of insurance,” said Sastry Durvasula, Marsh’s Chief Digital, Data, and Analytics Officer.
Since proof of insurance is a key business requirement in many industries, Marsh believes this blockchain solution will enable the creation of a network of networks to provide verification on a much broader scale.
“Distributed ledger technologies are driving efficiency across many industries by enabling legacy manual processes to operate more efficiently and with greater transparency and trust,” added Sandip Patel, General Manager, insurance industry, IBM.
“This innovation is an ideal example of how blockchain can be used to drive real business results and collaboration in the insurance industry.”