Marsh Partners with IBM, ACORD, and ISN on Blockchain
Marsh on Track to redefine Insurance
The blockchain space has received a boost from Marsh, a global insurance company,which has partnered with 3 firms to provide the first commercial blockchain solution for proof of insurance.
Details of the Partnership
The new partnership will enable business processes to be faster. The new platform will also transform the whole process from manual and complicated to transparent and streamlined. It will in turn speed up the whole business process. The new partners that Marsh has brought on board each provide specific solutions. For instance, IBM a leading technology firm will provide support to the blockchain platform while ISN a global specialist and supplier of information management will provide customer feedback. The last partner, ACORD, will provide inputs and make sure the platform is in accordance with the set standards.
The platform will be on an open source Hyperledger Fabric technology and IBM Blockchain Platform. At the moment there is a pilot project in place in Dallas Texas at ISN, one of Marsh’s partners. The pilot system will provide Marsh with the relevant information on how to improve the platform before it goes into production later this year.
The Insurance Industry as currently constituted
Blockchain technology is a wide field with many opportunities. But when it comes to the insurance industry, its implementation will revolutionize the insurance industry completely. The insurance industry is a paper-based industry with agents out in the field getting clients. Then they proceed to fill details and issue the insurance certificate. Blockchain technology will get rid of all the papers and provide real time results. It will streamline the industry and make the whole process faster and more efficient.
The success of Marsh’s blockchain platform will show the world how blockchain can open up businesses and improve service delivery. Apart from Marsh, there are also other companies which have developed and tested blockchain platforms across the world. They include a group of insurance firms and Deloitte and shipping giant Maersk. Maersk in collaboration with other firms did a 20-week trial version while Deloitte successfully tested a customer management platform on blockchain technology last year.Samsung is also reported to be conducting research on how to use blockchain to improve its supply chain.