Marsh rolls out blockchain tech for proof of insurance

Insurance Business America | April 26, 2019

Marsh has announced that it will begin the rollout of its proof of insurance blockchain program to US commercial clients. The blockchain-powered technology automates and streamlines the formerly manual, complicated proof-of-insurance process, Marsh said. The initial rollout will include a self-service app for a select group of Marsh clients. The app will allow them to search, view, issue and re-issue their certificates of insurance on demand, 24 hours a day, Marsh said. Further capabilities will be added to the platform later in the year. “Today marks an important milestone in the development of Marsh’s Proof of Insurance blockchain platform,” said Sastry Duryasula, chief digital officer and chief data and analytics officer for Marsh. “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.” “Proof of insurance is a key business requirement for many industries,” said Martin South, president of Marsh’s US and Canada division.

Spotlight

Today’s insurance industry is ripe for disruption. In fact, experts predict that the industry will experience more transformation in the next five years than it has in the past 50.This dramatic shift is driven by several factors:  Today’s customers expect the same capabilities and experiences they have when interacting with retailers, entertainment providers, the travel industry, and retail banks. They want to receive service anytime, anywhere, through any channel, on any device they choose. The new trend toward digitization is unleashing the power to transform insurance with easier, more cost-effective, and socially acceptable processes. This is made possible by the proliferation of mobile devices, which have become the new basis for business for the millennial generation and others. Non-traditional players are entering the insurance market, challenging the status quo and bringing innovation to an industry that has been historically slow to evolve.

Spotlight

Today’s insurance industry is ripe for disruption. In fact, experts predict that the industry will experience more transformation in the next five years than it has in the past 50.This dramatic shift is driven by several factors:  Today’s customers expect the same capabilities and experiences they have when interacting with retailers, entertainment providers, the travel industry, and retail banks. They want to receive service anytime, anywhere, through any channel, on any device they choose. The new trend toward digitization is unleashing the power to transform insurance with easier, more cost-effective, and socially acceptable processes. This is made possible by the proliferation of mobile devices, which have become the new basis for business for the millennial generation and others. Non-traditional players are entering the insurance market, challenging the status quo and bringing innovation to an industry that has been historically slow to evolve.

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