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Marsh and IBM To Use Blockchain Proof of Insurance through Salesforce

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October 02, 2018

Marsh is expanding its collaboration with IBM to provide clients with wider access to the industry's first commercial blockchain solution for proof of insurance.

By using blockchain technology, Marsh and IBM are working together to transform the certificate of insurance process from complicated and manual to streamlined and transparent, allowing clients to speed up necessary business functions such as hiring contractors.

Marsh will work with IBM to extend its commercial proof of insurance blockchain solution to be directly accessible to Marsh clients through the Salesforce Platform.

Commenting on the expansion, Sastry Durvasula, Marsh's chief digital, data, and analytics officer, said, "By making proof of insurance accessible digitally and instantaneously for our clients through Salesforce, we are streamlining a key business requirement through easy and secure sharing of proof of insurance."

A distributed ledger technology, blockchain establishes a shared, immutable record of all the transactions that take place within a network and then enables permissioned parties access to trusted data in real time. Since proof of insurance is a key business requirement in many industries, this blockchain solution allows the creation of a network of networks to provide verification on a much broader scale.

"Distributed ledger technologies are driving efficiency across many industries by enabling legacy manual processes to operate more efficiently and with greater transparency and trust," said Sandip Patel, global managing director of insurance at IBM. "This innovation is an ideal example of how blockchain can be used to drive real business results and collaboration in the insurance industry."

If you subscribe to Captive Insurance Company Reports (CICR), use the links below to read an update on blockchain and distributed ledger technology from the Vermont Captive Insurance Association conference session featuring panelists Rocco Mancini, vice president at Marsh Captive Solutions; Carol Barton, president of AIG Multinational; and Havell Rodrigues, CEO and founder of Adjoint, Inc.

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