Marsh Develops Blockchain Solution for Clients in Sharing Economy
In View Summary
Marsh is working with Evident, a data security provider recently acquired by Palo Alto Networks to develop its first blockchain-based verification solution for clients in the fast-growing sharing and gig economies.
The solution will streamline the onboarding of gig economy workers by simplifying the insurance and identity verification process with added trust, safety, and risk management.
Marsh’s first blockchain-based verification solution has been developed for clients in the fast-growing sharing and gig economies
This collaboration with Evident marks an expansion of Marsh’s blockchain’s capabilities which, when connected with Evident’s Identity Assurance Platform, will digitize insurance policies into immutable records so that all permissioned parties can instantly verify and substantiate their information.
Sastry Durvasula, Chief Digital, Data and Analytics Officer at Marsh has said of this most recent effort: “The beauty of blockchain technology is its ability to provide trust, efficiency, and security across multiple parties. As the need for identity verification within insurance grows, our collaboration with Evident harnesses the power of blockchain to transform a major business challenge for the sharing and gig economies.”
Benefits to Customers:
Data security and privacy
Increased customer engagement
Benefits to the Insurer:
Improved Customer Engagement and penetration
Reduced time and costs
The Digital Insurer's View
Although blockchain has promised much, it has yet to deliver meaningful change to the insurance industry. In the modern sharing economy , speed and reliability is a crucial for operators of on demand services and this initiative will help to reduce fraud and hasten the onboarding time for users of on-demand services.