Marsh: "We are at the beginning of a massive blockchain revolution"


The insurance brokerage and risk management giant Marsh recently announced that it is developing the first blockchain-based verification solution for customers in rapidly evolving sharing and gig economies. In collaboration with Evident, the data security platform, the new blockchain solution simplifies the onboarding of gig economy workers by simplifying the identity assurance and verification process with greater confidence, security and risk management.

This new collaboration with Evident marks an expansion of the blockchain capabilities of Marsh, beyond its commercial blockchain for the test-proof insurance solution, which the broker giant has introduced together with the leader of the ACORD insurance standards, in April of quest & # 39; year. The new gig economy solution, when linked to Evident's Identity Assurance platform, will digitize insurance certificates into immutable records so that all authorized parties can immediately verify the information.

"The beauty of blockchain technology is its ability to provide trust, efficiency and security in all ecosystems," said Sastry Durvasula, Marsh's chief digital, data and analytics officer. "With the increase in the need for insurance verification and identity, our collaboration with Evident leverages the power of the blockchain to transform an important commercial challenge for sharing and support economies.

"With blockchain, the key advantage is that we can put a digital test of the blockchain insurance itself, so that employees can request a proof of insurance through the digital interface or a & # 39. Verification Agency may request proof on behalf of the worker The proof of insurance is secure and engaged in a digital form on the blockchain, so it takes days (if not weeks) of efforts that normally go into manual verification. "

Blockchain technology is still in its infancy when it comes to insurance cases. He is still rather unrelated to many people in the insurance industry, which is why Durvasula is particularly enthusiastic about Marsh working closely with ACORD. Once ACORD accepts a digital testing standard of blockchain insurance, this will lead to greater dissemination and innovation at the sector level, he said.

In general, the blockchain presents "humongous opportunity" for insurance brokers and risk advisors, according to Durvasula. It's not time to sit back and watch the blockchain revolution. Blockchain technology, if appropriately downsized, will be the Internet of business and will probably have an impact on every industry, he added.

"Every single industry will have this opportunity to embrace the blockchain, whether it's retail, production, construction, health care, logistics, maritime industry – you call it! As these industries undergo their changes, there will be a need for management of risk and insurance – and I see it as a huge opportunity for brokers, "said Durvasula Insurance business. "If there is a scalable and successful blockchain solution for any industry, I foresee a node within that blockchain that provides risk management and insurance services.There are opportunities for brokers to be that knot and become the transfer of the risk linked to the blockchain of choice ".

As highlighted by the blockchain front-runner Marsh, there are also opportunities to use blockchain technology to alleviate the friction points within the insurance industry itself, especially in the field of ledger technology and smart contracts. Blockchain technology could also enable global distribution and downsizing opportunities, opening the doors to multinational business books.

"We are very much in the early stages of a massive blockchain revolution," added Durvasula.

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