MARSH & # 39; S BLOCKCHAIN INSURANCE TEST
The technology of the digital ledger, generically called blockchain, is beginning to find a home in the insurance sector, as evidenced by the use of the technology of Marsh LLC to solve the common and widespread challenge of the insurance test.
"We wanted to make sure there was a level of cross-sector usage for this use case," said Sastry Durvasula, chief digital officer and chief data and analytics officer at Marsh in Phoenix. "The proof of insurance is a problem common to all industries".
The project, which is a 2018 Business insurance Winner of the innovation award, started in 2017.
"When we created Marsh Digital Labs last year, we started working on some cases of blockchain use, and this has gone up," said Durvasula.
The development lasted six to nine months and the project was announced in April, said Durvasula.
The project was looking for "automation and removal of friction points and operational inefficiencies," said Durvasula.
Digital register technology has been widely publicized as a way to improve efficiency in the insurance industry and achieve cost savings.
The project has grown since its introduction in April. In September, Marsh announced a partnership with Salesforce.com Inc. that would allow users of the company's software platform to access insurance certificates through the blockchain solution.
"Leveraging the connection between the IBM hyperledger and Salesforce is a very powerful extension that expands the access of our insurance capacity tests to our customers," said Durvasula.
More recently, at the beginning of October, Marsh announced a partnership with Evident ID Inc. to extend the evidence of blockchain insurance capabilities for customers in sharing and in the economy of the gig, he added.
Growth and expansion should continue, he said.
"I think the next logical extension would be to move the platform forward with more functionality," said Durvasula. "We have a number of customers in various sectors that are interested".
There could be further progress with insurers and industry organizations, he said.
"So far we have done more on the customer's side, but we are also exploring opportunities on the side of the carrier," said Durvasula.
"The other important thing is our partnership with ACORD and the crystallization of data standards for digital insurance certification," said Durvasula. "There will be more progress on this front as the Blockchain evolves."
This collaboration will be vital to the success of emerging technology, he said.
"Interoperability, I think, will probably be the most crucial element of scalable and sustainable blockchain," said Durvasula.
"Interoperability will bring it to the next level, and I think it's really a priority from the platform point of view," he said.
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