Blockchain technology is gradually spreading to all spheres of human activity, and the insurance industry is not an exception. Although some small-scale companies have already reported developing blockchain-based insurance platforms, the adoption of the distributed ledger by the international insurance market leader Marsh is viewed as a big step forward.
By utilizing the benefits of the blockchain, Marsh hopes to simplify the often confusing and tedious process of obtaining insurance certificates. The new system is expected to significantly speed up the process and make it more reliable and secure. Moreover, the company struck partnership deals with such companies as IBM, ACORD, and ICN, involving them in the process of the system’s development. Chief digital officer of Marsh 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.”
Demonstrating proof of insurance is an obligatory requirement for many industries, and blockchain has the capacity to streamline the existing system. IBM’s general manager of Insurance Industry, Sandip Patel, stated:
“Vastly simplifying the process for providing proof of insurance is a key enabler of business.”