April 17, 2018 by Staff
Built on the open source Hyperledger Fabric technology and IBM Blockchain Platform, the solution is designed to streamline the certificate of insurance process and provide verification on a much broader scale.
“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, Marsh’s chief digital officer and chief data & analytics officer.
The pilot project has been designed in conjunction with IBM, with input from ACORD and customer feedback from ISN. It is expected to go into production later this year.
“The insurance industry has been dependent on paper certificates of insurance, manually populated by an insurance agent,” said Brett Parker, ISN’s technical insurance lead. “By digitizing the policy information, we can streamline the process, saving our customers time to focus on their core competencies.”
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This story was originally published by Canadian Insurance Top Broker.