Insurance broker and risk advisor Marsh is testing a new digital placement platform powered by blockchain technology.

Dubbed Risk Exchange, the platform is designed to transform the insurance placement process into an interactive, digital experience.

The blockchain-powered platform will allow customers, carriers, and Marsh brokers to share real time information and feedback on the placement and binding process.

The Risk Exchange was first proposed by a team that won the Marsh hackathon and further developed by Marsh Digital Labs.

During the trial, Dow and SharkNinja – clients of Marsh – will bind US trade credit policies with AIG and Euler Hermes. They will receive updates and notifications in real time throughout the process.

Marsh chief digital officer and chief data & analytics officer Sastry Durvasula said: “This is an important milestone in Marsh’s digital transformation and a great example of applying emerging tech to create value for our clients.

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“Not only can clients experience a more organized, digitized placement process on the blockchain platform, but also one with greater transparency, security, and collaboration among all parties involved.”

Marsh JLT Specialty global credit specialties leader Nick Robson added: “Digital platforms powered by blockchain are ideally suited for organizations that either generate or finance large amounts of account receivables.

“By digitising the invoices, payments, and other trade and insurance documents of the parties involved, we can streamline the trade credit insurance placement process, drive efficiencies, and improve the overall buying experience.”

Recently, Arch Insurance (UK) launched a new insurance product for digital assets, in collaboration with insurance broker Marsh.