The latest announcement builds upon an agreement signed in April this year. Marsh and IBM agreed to build a commercial blockchain solution for proof of insurance. In addition, this includes input from ACORD and customer feedback from ISN.
The solution has been built on the open source Hyperledger Fabric technology and IBM Blockchain Platform.
Leveraging blockchain technology, the partners seek to transform the certificate of insurance process by making it streamlined and transparent.
It is expected to help Marsh accelerate necessary business functions including hiring contractors.
With the expanded collaboration, Marsh will use IBM’s strategic relationship with Salesforce to extend the commercial proof of insurance blockchain solution. Furthermore, it will be directly accessible to its clients through the Salesforce Platform.
Commenting on the agreement, Marsh chief digital, data, and analytics officer Sastry Durvasula said: “By making proof of insurance accessible digitally and instantaneously for our clients through Salesforce, we are streamlining a key business requirement through easy and secure sharing of proof of insurance.”
Blockchain is a distributed ledger technology, which establishes a shared, immutable record of all the transactions. Next, this takes place within a network and then enables permissioned parties access to trusted data in real-time.
Proof of insurance is an important business requirement in many industries. However, a blockchain solution allows creation of a network of networks to provide verification on a much broader scale.
IBM general manager of insurance industry Sandip Patel said: “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.”