Insurance Broking Giant Marsh Announces Expanded Blockchain Partnership with IBM
Global insurance broker and risk management solution provider Marsh announced today that it was expanding its collaboration with IBM. The partnership will allow Marsh to provide its clients with access to IBM’s commercial blockchain solution through Salesforce.
Marsh spokesperson in a press release announcing the news said:
“By making proof of insurance accessible digitally and instantaneously for our clients through Salesforce, we are streamlining a key business requirement through easy and secure sharing of proof of insurance.”
Marsh and IBM have been working together to integrate blockchain technology with the insurance industry since earlier this year.
Together, the two giants want to transform the certificate of insurance process from a complicated, manual process to a streamlined and transparent process based on blockchain technology. Clients will be able to speed up necessary business functions like hiring contractors.
Using the IBM Blockchain Platform and IBM’s strategic relationship with global CRM leader Salesforce, Marsh will work with IBM to extend its commercial proof of insurance blockchain solution to be directly accessible to Marsh clients through Salesforce.
Marsh is kicking the expanded partnership off in dramatic fashion with a presentation at Salesforce’s Dreamforce 2018 conference, taking place today in San Francisco.
Proof of insurance is a key business requirement in many industries. IBM and Marsh see potential in integrating blockchain technology with proof of insurance to make the industry more efficient.
“The blockchain solution allows the creation of a network of networks to provide verification on a much broader scale,” explains Marsh in a press release.
“Distributed ledger technologies are driving efficiency across many industries by enabling legacy manual processes to operate more efficiently and with greater transparency and trust,” added Sandip Patel, General Manager of Insurance Industry at IBM.
“This innovation is an ideal example of how blockchain can be used to drive real business results and collaboration in the insurance industry.”
To be clear, we’ve known about Marsh’s partnership with IBM’s blockchain technology for months. The partnership was first announced in April 2018 when the two teamed up to announce the first commercial proof of insurance solution. Today, however, the two companies have announced an expanded partnership that will see IBM continue working with Marsh to optimize the insurance industry using blockchain technology.
Marsh is a global leader in insurance broking and risk management solutions. You can view the full press release announcing the partnership between Marsh and IBM here.
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