Marsh Collaborates with IBM, ACORD, and ISN to Apply Blockchain Technology for First Commercial Proof of Insurance
17 4월 2018 - 12:05AM
Business Wire
Marsh, a global leader in insurance broking and innovative risk
management solutions, in collaboration with IBM (NYSE: IBM), ACORD,
and ISN, announced today the first commercial blockchain solution
for proof of insurance.
By using blockchain technology, Marsh is fundamentally
transforming the certificate of insurance process from complicated
and manual to streamlined and transparent, allowing clients to
speed up necessary business functions such as hiring contractors
and transferring risk while increasing coverage certainty.
Built on the open source Hyperledger Fabric technology and IBM
Blockchain Platform, Marsh is developing the commercial proof of
insurance solution in conjunction with IBM, with input from ACORD,
and customer feedback from ISN.
“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,” said
Sastry Durvasula, chief digital officer and chief data &
analytics officer, Marsh. “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.”
A distributed ledger technology, blockchain is ideally suited to
large networks of partners. It establishes a shared, immutable
record of all the transactions that take place within a network and
then enables permissioned parties access to trusted data in
real-time.
Since proof of insurance is a key business requirement in many
industries, this blockchain solution opens the door to creating a
network of networks to provide verification on a much broader
scale.
“Vastly simplifying the process for providing proof of insurance
is a key enabler of business. IBM is committed to connecting
emerging blockchain networks to facilitate the next generation
economy. This is an ideal example of how blockchain can be used on
a much broader scale to drive real business results,” said Sandip
Patel, general manager, insurance industry, IBM.
Currently in pilot, Marsh’s new blockchain network is expected
to go into production later this year. ISN, a global leader in
contractor and supplier information management headquartered in
Dallas, Texas, is the first Marsh client to pilot the solution.
“The insurance industry has been dependent on paper certificates
of insurance, manually populated by an insurance agent,” said Brett
Parker, technical insurance lead, ISN. “By digitizing the policy
information, we can streamline the process saving our customers
time to focus on their core competencies.”
Bill Pieroni, president and CEO of ACORD, added: “This
blockchain solution is key to evolving standards, enhancing data
leverage, and enabling state-of-the-market technology to better
integrate ACORD members and foster innovation.”
About Marsh
A global leader in insurance broking and innovative risk
management solutions, Marsh’s 30,000 colleagues advise individual
and commercial clients of all sizes in over 130 countries. Marsh is
a wholly owned subsidiary of Marsh & McLennan Companies (NYSE:
MMC), the leading global professional services firm in the areas of
risk, strategy and people. With annual revenue over US$14 billion
and nearly 65,000 colleagues worldwide, MMC helps clients navigate
an increasingly dynamic and complex environment through four
market-leading firms. In addition to Marsh, MMC is the parent
company of Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on
Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.
About IBM
IBM is recognized as the leading enterprise blockchain provider.
The company's research, technical and business experts have broken
barriers in transaction processing speeds, developed the most
advanced cryptography to secure transactions, and are contributing
millions of lines of open source code to advance blockchain for
businesses. IBM is the leader in open-source blockchain solutions
built for the enterprise. Since 2016, IBM has worked with hundreds
of clients across financial services, supply chain, government,
retail, digital rights management and healthcare to implement
blockchain applications, and operates a number of networks running
live and in production. The cloud-based IBM Blockchain Platform
delivers the end-to-end capabilities that clients need to quickly
activate and successfully develop, operate, govern and secure their
own business networks. IBM is an early member of Hyperledger, an
open source collaborative effort created to advance cross-industry
blockchain technologies. For more information about IBM Blockchain,
visit https://www.ibm.com/blockchain/ or follow us on Twitter at
@ibmblockchain.
About ACORD
ACORD (Association for Cooperative Operations Research and
Development) is the global standards-setting body for the insurance
and related financial services industries. ACORD facilitates fast,
accurate data exchange, and efficient workflows through the
development of electronic standards, standardized forms, and tools
to support their use. ACORD members worldwide include hundreds of
insurance and reinsurance companies, agents and brokers, software
providers, financial services organizations and industry
associations. ACORD maintains offices in New York and London. Learn
more at www.acord.org.
About ISN
ISN® is the global leader in contractor and supplier information
management. ISN collects and reviews health and safety,
procurement, quality and regulatory information for more than
67,000 contractors and 530 Hiring Clients across capital-intensive
industries in more than 85 countries. Using ISN as an integral part
of their management systems, Hiring Clients are able to connect
with safer, more reliable contractors and suppliers around the
globe. For more information, visit www.isn.com or contact ISN at +1
214 303 4900 or via email at InfoRequest@isn.com.
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MarshSally Roberts, 303-952-9453sally.roberts@marsh.com
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