Insurance Broker, Marsh to Begin Marketing and Promoting its Proof of Insurance Blockchain Platform
Marsh, the world’s leading global insurance broker, and risk advisor announced that it would begin a rollout of its Proof of Insurance (POI) Blockchain platform for clients in the U.S.
The platform is a leading global insurance broker and risk advisor. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies, a global professional services firm in the areas of risk, strategy and people.
The platform has over 35,000 colleagues operating in more than 130 countries and serves both commercial and individual clients with data driven risk solutions and advisory services. Its risk management services include cyber security consulting, business risk analysis of the geographical environment, regulatory issues and business interruption potential.
Clients to Obtain and Issue On-Demand Certificates 24 Hours a Day
Back in April last year, the Canada based platform was launched as Proof of Concept. To achieve this, the insurance platform merged with IBM. Developed on the open source Hyperledger Fabric technology, the launch was set to transfigure the certificate of insurance process by making it more streamlined and transparent and less complicated.
With the new Proof of Insurance launch, Marsh aims to provide more certainty of insurance coverage and at the same time speed up business processes. According to the press release, the blockchain-powered POI will comprise of a self-service digital app for a ‘’select group’’ of the platform’s clients that will be able to easily and efficiently search, view, issue, and re-issue users’ certificates of insurance on-demand 24/7.
According to Sastry Durvasula, Marsh’s Chief Digital Officer and Chief Data & Analytics Officer;
“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 also believes that Proof of Insurance is a major business requirement for many industries. He is positive that ‘’by vastly simplifying the process of obtaining certificates, Marsh will enable clients to spend more time focused on the things that matter such as growing their business.’’
Marsh also added that the after initial rollout it will add more features to the platform.