The first commercial blockchain insurance verification solution
Marsh, the insurance broker and risk management company, launched its first commercial blockchain insurance verification solution. Marsh said it wants to convert complex manpower insurance verification procedures into simplified and transparent procedures that allow customers to improve their employment contractors and transfer Risk while increasing coverage.
The solution was launched by Marsh, IBM, ACORD, an insurance and financial services standards setter, and contractor and supplier information management company ISN. The open source technology Hyperledger Fabric and IBM's blockchain platform, Marsh Data and Analytics Leader Sastry Durvasula This means that blockchain maximizes efficiency and creates new opportunities in the insurance value chain.
Many industries need insurance verification, and the blockchain provides the possibility to create a “network in the network†to ensure certification on a broader scale. Sandip Patel, general manager of the IBM Insurance Industry, said that the process of simplifying insurance verification is extensive. It is the key to promoting business.
ISN will be the first customer of the Marsh blockchain insurance verification solution, said Brett Parker, head of technology insurance at the company, which has long relied on paper certification and is filled out by manpower to streamline processes and save money through digital strategies. Customer time.
The solution is currently a trial version and will be available in 2018. In addition, the blockchain advocates that B3i has also recently established a new startup, B3i Service, in an attempt to establish a blockchain trading platform for the insurance industry value-added chain.
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