Leading international insurance broker Marsh recently announced about working with large companies such as IBM, ISN Software Corporation and ACORD- an insurance non-profit organization, on a new platform based on blockchain technology. As reported in the recent announcement, the large companies will work together to build the new platform which will allow to verify the ownership of a claimed insurance for contractors. The new platform is reported to be using the Hyperledger Fabric code and IBM’s Blockchain Platform.
Due to the blockchain which will be built within the platform, only limited users will have the access to data in real-time. The new platform will come to replace the traditional manual and paper-based system which Marsh currently depends on. In addition, the new system will help the company save financial and other resources by allowing certain parts of the verification certificate- all in real time. It was also reported that the new platform is currently in the pilot development stage. According to the company representatives, the expected launch of the production version will be later this year.
Marsh is a leading insurance broker which according to available figures, made about $2 billion of profit in 2016. Marsh’s chief digital officer and chief data and analytics officer, Sastry Durvasula, stated that their company sees many opportunities in working with blockchain technology. The new technology not only can help the company optimize own resources and create new opportunities in the insurance value chain but also allow Marsh to provide better and more effective service to the clients.
General Manager of IBM’s insurance division, Sandip Patel, also commented on the new pilot project stating that IBM constantly strives to connect emerging blockchain networks which will build the next generation economies. The project with Marsh is a great example to see the new possibilities of blockchain technology in driving real business results.