IBM (NYSE:IBM) continues its efforts in making the best use of Blockchain, most recently announcing a collaboration with Marsh insurance company to develop the first commercial proof of insurance solution using the technology.
Marsh specializes in insurance broking and innovative risk management solutions. It advises both individual and commercial clients. It had sought ways to bring more efficiencies to its clients and the collaboration with IBM to use Blockchain is a game changer for it.
Furthermore, since proof of insurance is a key business requirement in many industries, this Blockchain solution being developed opens the door to creating a “network of networks to provide verification on a much broader scale,” according to an IBM player involved in this collaboration.
The partnership
Also included in the partnership are ACORD and ISN Software Corp. ACORD is industry-owned organization that serves the insurance industry.
ISN provides online contractor and supplier management services. It is the first Marsh client to test the solution.
The commercial proof of insurance solution is being built on the open source called Hyperledger Fabric technology and the IBM Blockchain Platform. ACORD is providing input for the solution, while ISN is providing customer feedback.
How Blockchain will be used
Part of Marsh’s operations entails helping its clients come up with risk management solutions.
By using Blockchain technology, the company seeks to remove the complexities of the certificate of insurance process. Blockchain will help transform the process from being complicated and manual to streamlined and transparent.
The end result will include clients being able to speed up business operations, such as hiring contractors.
Marsh’s chief digital officer Sastry Durvasula said:
“Marsh sees great opportunity in leveraging Blockchain technology to better serve our clients by maximizing efficiency and creating new opportunities in the insurance value chain. We believe strategic engagements such as this one with IBM, ACORD, and ISN will help accelerate the adoption of further Blockchain applications benefiting our clients across industries.”
ISN’s technical insurance lead Brett Parker noted that the insurance industry has been dependent on paper certificates of insurance, manually populated by an insurance agent, which is cumbersome to say the least.
By digitizing the policy information, the hope is that the process can be streamlined, which would save ISN’s customers time to focus on their core competencies, Parker said.
The new Blockchain network is expected to go into production later this year.
Not just insurance
This collaboration on the proof of insurance effort is not the only Blockchain based solution IBM sees as fitting. Its general manager for the insurance industry, Sandip Patel, noted that IBM is committed to connecting emerging Blockchain networks to facilitate the next generation economy.
He said in a press release:
Vastly simplifying the process for providing proof of insurance is a key enabler of business. This is an ideal example of how Blockchain can be used on a much broader scale to drive real business results.
This article appeared first on Cryptovest
