Marsh has a commercial proof of insurance platform that it has been developing with IBM and complies with ACORD standards. Today they announced they’re working with Evident which provides an API to enable gig economy platforms to perform background reviews. Marsh intends for their proof of insurance to be one of the checks. So the platforms can use Evident to verify gig economy identity and insurance coverage.
The purpose of Marsh’s proof of insurance platform is to digitize the proof of insurance so that permissioned parties can verify data without the need for paperwork.
“The beauty of blockchain technology is its ability to provide trust, efficiency, and security across ecosystems,” said Sastry Durvasula, Chief Digital, Data and Analytics Officer at Marsh. “As the need for insurance and identity verification grows, our collaboration with Evident harnesses the power of blockchain to transform a major business challenge for the sharing and gig economies.”
“Verification and validation cause significant friction in the sharing economy. Solving this challenge requires a solution that brings together trusted information from several parties,” said David Thomas, CEO of Evident. “Integration of our platform’s identity verification capabilities with Marsh’s blockchain will streamline the onboarding of gig workers and offer an unparalleled ability to verify key information, all while ensuring our customers minimize their exposure to their data.”
Last week Marsh announced it was integrating the platform with Salesforce.
The Institutes RiskBlock Alliance is also working on a proof of insurance platform with a group of carriers. That’s likely to launch later this year.