Insurance News

Marsh rolls out commercial proof of insurance blockchain

construction work insurance

Yesterday major insurance broker Marsh announced it’s starting to roll out its blockchain proof of insurance solution to clients in the U.S. The blockchain has been in the making for more than a year. The initial app will enable clients to search, retrieve, issue and reissue certificates of insurance. It converts a manual process to an automated on-demand one.

Last year the company announced it was working with ISN which works with contractors and suppliers in capital-intensive industries like construction and oil extraction. ISN helps to manage more than 67,000 contractors in 85 countries and with the Marsh app they can make sure they have appropriate insurance.

“Today marks an important milestone in the development of Marsh’s Proof of Insurance Blockchain platform,” said Sastry Durvasula, Chief Digital Officer and Chief Data & Analytics Officer, Marsh. “It builds a robust foundation for creating the network of networks that will enable certificate issuance and verification on a much broader scale, while providing intuitive digital self-service for our clients.”

Martin South, President of Marsh’s US and Canada division, added: “Proof of insurance is a key business requirement for many industries. By vastly simplifying the process of obtaining certificates, we will enable clients to spend more time focused on the things that matter such as growing their business.”

The platform is based on Hyperledger Fabric, complies with ACORD insurance standards and the technology partner is IBM. The solution is integrated with Salesforce. Last year Marsh also announced it would enable proof of insurance checks for gig workers such as drivers by working with Evident.

The RiskBlock Alliance is also working on proof of insurance for regular drivers.

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