Marsh, the world’s largest insurance broker, is starting a blockchain pilot for placing insurance for trade credit. Called the Risk Exchange, the trial involves clients Dow Inc. and SharkNinja who will buy trade credit insurance via the broker. And the insurers are AIG and Euler Hermes.
Typically when insurance is placed, the process lacks transparency for clients. The client gives information to the broker, who then goes to the insurers. The carrier will provide a quote which the broker will feed back to the client. In the case of trade credit, the information that the insurer needs is about accounts receivables.
So by putting the data that the insurer needs on a blockchain, there’s the potential for all parties to see the whole insurance process in real-time and receive notifications. The client can see the placement process, and it’s clear when the risk is covered.
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