Global re/insurance broker Marsh is to begin rolling out its proof of insurance blockchain platform to US commercial clients.
There are many who feel 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.
This move by Marsh represents an important step forward in realising blockchain’s potential in the re/insurance industry.
The platform, which was originally launched as a proof of concept last April, will be rolled out alongside a self-service digital app for Marsh clients. The app will be able to search, view, issue, and re-issue clients’ certificates on-demand at any time.
Following the initial rollout, Marsh says further capabilities will be added to the platform in 2019.
“Today marks an important milestone in the development of Marsh’s Proof of Insurance Blockchain platform,” said Sastry Durvasula, Chief Digital Officer and Chief Data & Analytics Officer, Marsh.
“It builds a robust foundation for creating the network of networks that will enable certificate issuance and verification on a much broader scale, while providing intuitive digital self-service for our clients.”
Martin South, President of Marsh’s US and Canada division, added, “Proof of insurance is a key business requirement for many industries.”
“By vastly simplifying the process of obtaining certificates, we will enable clients to spend more time focused on the things that matter such as growing their business.”
