Marsh has strengthened ties with IBM as it looks to leverage the tech giant’s robust blockchain platform. The latest deal is part of Marsh push to expand its global professional services in the insurance industry. Marsh and IBM first inked the proof-of-insurance (POI) services partnership in April.
Marsh Proof-of-Insurance Service
The insurance brokerage company will now be able to provide blockchain-based proof-of-insurance to a broader audience. Proof-of-insurance is an important aspect in many businesses as well as industries. However, it is only until now that IBM and Marsh have come up with a network of networks for broader verification. The technology now promises to automate and streamline the entire verification process.
Marsh is to take advantage of IBM’s relationship with Salesforce to streamline the process of getting an insurance certificate. The new platform will also ensure speed and transparency to clients looking to hire contractors.
Marsh clients will also be able to access the proof-of-insurance solution directly using Salesforce. The enterprise has already reiterated plans to add support for blockchain and cryptocurrency before the end of the year.
The blockchain proof-of-insurance solution also includes ACORD, a standard-setting body for the insurance industry. Powered by the IBM Blockchain platform, the poof-of-service platform is one of the most innovative projects favored by enterprises.
Blockchain Technology Synergies
According to Marsh Data and Analytics Officer, Sastry Durvasula, blockchain technology should lead to the easy and secure sharing of information. The executive also expects the technology to serve clients better by helping maximize the efficiency of the insurance value chain.
For IBM, a strengthened deal with Marsh marks yet another important milestone as part of its blockchain focus. The company’s multi-functional platform is using Hyperledger Fabric and continues to send shock-waves in various sectors.
IBM GM Speaks Up
Blockchain technology is a ledger technology that enables easy sharing of immutable transactions. The technology has already given rise to multiple use cases, which General Manager of Insurance Industry, Sandip Patel, attributes to its ability to increase efficiency.
“Distributed ledger technologies are driving efficiency across many industries by enabling legacy manual processes to operate more efficiently and with greater transparency and trust. This innovation is an ideal example of how blockchain can be used to drive real business results and collaboration in the insurance industry,” said Mr. Patel.
Mr. Patel expects the technology, derived from Marsh and IBM partnership, to drive business results, as well as increase collaboration in the insurance industry.