NEW YORK–(BUSINESS WIRE)–Marsh, a global leader in insurance broking and innovative risk
management solutions, in collaboration with IBM (NYSE: IBM),
ACORD, and ISN, announced today the first commercial blockchain solution
for proof of insurance.
By using blockchain technology, Marsh is fundamentally transforming 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 and transferring risk
while increasing coverage certainty.
Built on the open source Hyperledger Fabric technology and IBM
Blockchain Platform, Marsh is developing the commercial proof of
insurance solution in conjunction with IBM, with input from ACORD, and
customer feedback from ISN.
“Marsh sees great opportunity in leveraging blockchain technology to
better serve our clients by maximizing efficiency and creating new
opportunities in the insurance value chain,” said Sastry Durvasula,
chief digital officer and chief data & analytics officer, Marsh. “We
believe strategic engagements such as this one with IBM, ACORD, and ISN
will help accelerate the adoption of further blockchain applications
benefiting our clients across industries.”
A distributed ledger technology, blockchain is ideally suited to large
networks of partners. It 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 opens the door to creating a
network of networks to provide verification on a much broader scale.
“Vastly simplifying the process for providing proof of insurance is a
key enabler of business. IBM is committed to connecting emerging
blockchain networks to facilitate the next generation economy. This is
an ideal example of how blockchain can be used on a much broader scale
to drive real business results,” said Sandip Patel, general manager,
insurance industry, IBM.
Currently in pilot, Marsh’s new blockchain network is expected to go
into production later this year. ISN,
a global leader in contractor and supplier information management
headquartered in Dallas, Texas, is the first Marsh client to pilot the
“The insurance industry has been dependent on paper certificates of
insurance, manually populated by an insurance agent,” said Brett Parker,
technical insurance lead, ISN. “By digitizing the policy information, we
can streamline the process saving our customers time to focus on their
Bill Pieroni, president and CEO of ACORD, added: “This blockchain
solution is key to evolving standards, enhancing data leverage, and
enabling state-of-the-market technology to better integrate ACORD
members and foster innovation.”
A global leader in insurance broking and innovative risk management
30,000 colleagues advise individual and commercial clients of all sizes
in over 130 countries. Marsh is a wholly owned subsidiary of Marsh
& McLennan Companies (NYSE: MMC), the leading global
professional services firm in the areas of risk, strategy and people.
With annual revenue over US$14 billion and nearly 65,000 colleagues
worldwide, MMC helps clients navigate an increasingly dynamic and
complex environment through four market-leading firms. In addition to
Marsh, MMC is the parent company of Guy
Wyman. Follow Marsh on Twitter @MarshGlobal;
or subscribe to BRINK.
IBM is recognized as the leading enterprise blockchain provider. The
company’s research, technical and business experts have broken barriers
in transaction processing speeds, developed the most advanced
cryptography to secure transactions, and are contributing millions of
lines of open source code to advance blockchain for businesses. IBM is
the leader in open-source blockchain solutions built for the enterprise.
Since 2016, IBM has worked with hundreds of clients across financial
services, supply chain, government, retail, digital rights management
and healthcare to implement blockchain applications, and operates a
number of networks running live and in production. The cloud-based IBM
Blockchain Platform delivers the end-to-end capabilities that clients
need to quickly activate and successfully develop, operate, govern and
secure their own business networks. IBM is an early member of
Hyperledger, an open source collaborative effort created to advance
cross-industry blockchain technologies. For more information about IBM
Blockchain, visit https://www.ibm.com/blockchain/
or follow us on Twitter at @ibmblockchain.
ACORD (Association for Cooperative Operations Research and Development)
is the global standards-setting body for the insurance and related
financial services industries. ACORD facilitates fast, accurate data
exchange, and efficient workflows through the development of electronic
standards, standardized forms, and tools to support their use. ACORD
members worldwide include hundreds of insurance and reinsurance
companies, agents and brokers, software providers, financial services
organizations and industry associations. ACORD maintains offices in New
York and London. Learn more at www.acord.org.
ISN® is the global leader in contractor and supplier information
management. ISN collects and reviews health and safety, procurement,
quality and regulatory information for more than 67,000 contractors and
530 Hiring Clients across capital-intensive industries in more than 85
countries. Using ISN as an integral part of their management systems,
Hiring Clients are able to connect with safer, more reliable contractors
and suppliers around the globe. For more information, visit www.isn.com
or contact ISN at +1 214 303 4900 or via email at InfoRequest@isn.com.
Sally Roberts, 303-952-9453