Marsh MacLennan is currently working with IBM to develop a commercial blockchain solution to enable in an insurance verification process. The companies have also onboarded an insurance non-profit ACCORD corporation and ISN Software Corporation. The solution uses Hyperledger Fabric code and IBM’s Blockchain Platform.
The objective of the development is to solve the lack of transparency hiring third-parties. The solution helps to check whether the contractors or vendors have valid property liability insurance or not. The paper documents submitted by these third-parties validating the claim can be easily tampered, this is where blockchain helps. Blockchain registry entries are impossible to tamper and they offer real time processing at ease.
This use case will help streamline the process of contractor’s insurance verification. Distributed ledgers replace manual paper-based systems with a real-time verfication certificates which saves both time and money.
However, this platform is still being piloted, with an expected release later in 2018. Sastry Durvasula, Marsh’s Chief Digital Officer and Chief Data and Analytics officer has said of this partnership: “Marsh sees great opportunity in leveraging blockchain technology to better serve our clients by maximising efficiency and creating new opportunities in the insurance value chain.”