Insurance Firm Partners With IBM To Apply Blockchain For Proof Of Insurance

Marsh, a global insurance brokerage and risk management firm, announced the first commercial Blockchain solution for proof of insurance, Business Wire reported April 16. With this application of Blockchain technology, Marsh aims to transfigure the certificate of insurance process “from complicated and manual to streamlined and transparent”. This will reportedly allow customers to improve business functions such as hiring contractors and transferring risk, while increasing certainty of coverage. The project is a partnership between Marsh, IBM, ACORD, and ISN. ACORD is a global standards-setting body for the insurance and financial services industries.