Blockchain is one of the fastest growing industries right now. Many enterprises are working with it in order to introduce upgrades to their platforms and products they offer. Marsh, an important global insurance brokerage, has partnered with IBM in order to implement a blockchain solution for proof of insurance.
Marsh and IBM Work with Blockchain Technology
On April the 16th, Business Wire reported that March and IBM were working in order to implement Blockchain technology into Marsh’s business. The intention is to improve the insurance process and make it smoother, reducing bureaucracy and making it more efficient.
Among the main benefits, the company will see improved business functions and an increased certainty of coverage.
Other enterprises working in the partnership are Marsh, IBM, ACORD, and ISN. Each of these companies provide some expertise in a specific area. ISN will be providing information management services, and ACORD insurance and financial services.
Sastry Durvasula, chief digital officer at Marsh, explained:
“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. We believe strategic engagements such as this one with IBM, ACORD, and ISN will help accelerate the adoption of further blockchain applications benefiting our clients across industries.”
With blockchain technology, these enterprises will establish a shared, immutable record of all the transaction that will take place between the parties. At the same time, it will enable permissioned parties access to trusted data in real time.
“The insurance industry has been dependent on paper certificates of insurance, manually populated by an insurance agent,” said Brett Parket, technical insurance lead at ISN. “By digitizing the policy information, we can streamline the process saving our customers time to focus on their core competencies.”
IBM and Blockchain Technology
IBM is one of the most recognized enterprises that offer blockchain solutions to a wide variety of industries. The company has expertise in dealing with transactions, cryptography, blockchain networks, and security. In this way, millions of individuals are already benefiting from the company’s services.
Sandip Patel, general manager at IBM, commented:
“Vastly simplifying the process for providing proof of insurance is a key enabler of business. IBM is committed to connecting emerging blockchain networks to facilitate the next generation economy. This is an ideal example of how blockchain can be used on a much broader scale to drive real business results.”
Other important companies are working with IBM and blockchain technology, including the Indian shipping conglomerate, JM Baxi Group or Maersk. Accenture and APL are also using blockchain technology to improve their services.
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