Insurance broking and risk management firm Marsh expanded its partnership with IBM to provide commercial proof of insurance blockchain solution to Marsh clients through the Salesforce.com customer relationship management platform.
The use of blockchain solution will enable Marsh’s clients to obtain the certificate of insurance digitally and instantaneously to speed up necessary business functions such as hiring contractors.
Blockchain 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. It allows the creation of a network of networks to provide verification as proof of insurance is a key business requirement in many industries.
Earlier in April, Marsh had announced the first commercial proof of insurance solution which is built using the open source Hyperledger Fabric framework on the IBM Blockchain Platform.
Marsh provides risk management, risk consulting, insurance broking, alternative risk financing and insurance program management services to businesses, government entities, organizations and individuals.