Global re/insurance brokerage Marsh has announced plans to pilot a new digital placement platform powered by blockchain technology, called Risk Exchange.
The Risk Exchange concept was proposed by a winning Marsh hackathon team and further developed in Marsh Digital Labs.
The broker believes the platform has the potential to transform the insurance placement process toward an interactive, digital experience where clients, carriers and brokers can provide real time information and feedback on the placement and binding process.
In the pilot, Marsh clients Dow Inc. and SharkNinja will bind US trade credit policies with carriers AIG and Euler Hermes.
“This is an important milestone in Marsh’s digital transformation and a great example of applying emerging tech to create value for our clients,” said Sastry Durvasula, Chief Digital Officer and Chief Data & Analytics Officer at Marsh.
“Not only can clients experience a more organized, digitized placement process on the blockchain platform, but also one with greater transparency, security, and collaboration among all parties involved,” he explained.
Nick Robson, Global Credit Specialties Leader, Marsh JLT Specialty, also commented: “Digital platforms powered by blockchain are ideally suited for organizations that either generate or finance large amounts of account receivables.
“By digitizing the invoices, payments, and other trade and insurance documents of the parties involved,” Robson added, “we can streamline the trade credit insurance placement process, drive efficiencies, and improve the overall buying experience.”
