Marsh launches blockchain pilot project for proof of insurance

Solution is expected to go into production later this year

Marsh has teamed up with IBM, ACORD and ISN to deliver what it calls the first commercial blockchain solution for proof of insurance.

Built on the open source Hyperledger Fabric technology and IBM Blockchain Platform, the solution is designed to streamline the certificate of insurance process and provide verification on a much broader scale.

Related: Blockchain will change the role of insurance brokers: CIP Society Symposium

“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, Marsh’s chief digital officer and chief data & analytics officer.

The pilot project has been designed in conjunction with IBM, with input from ACORD and customer feedback from ISN. It is expected to go into production later this year.

“The insurance industry has been dependent on paper certificates of insurance, manually populated by an insurance agent,” said Brett Parker, ISN’s technical insurance lead. “By digitizing the policy information, we can streamline the process, saving our customers time to focus on their core competencies.”

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