Marsh Launches Risk Exchange for Insurance powered by Blockchain
Marsh, the world’s leading insurance broker and risk adviser, is piloting Risk Exchange, a new digital placement platform powered by blockchain technology. Risk Exchange has the potential to transform the insurance placement process toward an interactive, digital experience where clients, carriers, and Marsh brokers can provide real time information and feedback on the placement and binding process. The Risk Exchange concept was proposed by a winning Marsh hackathon team and further developed in Marsh Digital Labs.
In the pilot, Marsh clients Dow Inc. and SharkNinja will bind US trade credit policies with leading carriers AIG and Euler Hermes, receiving real time status updates and notifications throughout the process.
“This is an important milestone in Marsh’s digital transformation and a great example of applying emerging tech to create value for our clients,” said Sastry Durvasula, Chief Digital Officer and Chief Data & Analytics Officer, Marsh. “Not only can clients experience a more organized, digitized placement process on the blockchain platform, but also one with greater transparency, security, and collaboration among all parties involved.”
Nick Robson, Global Credit Specialties Leader, Marsh JLT Specialty, added: “Digital platforms powered by blockchain are ideally suited for organizations that either generate or finance large amounts of account receivables. By digitizing the invoices, payments, and other trade and insurance documents of the parties involved, we can streamline the trade credit insurance placement process, drive efficiencies, and improve the overall buying experience.”
Marsh previously made headlines back in October 2018 by teaming up with Evident to develop the first blockchain-based verification solution for clients, then again in April when it rolled out its Proof-of-Insurance Blockchain platform. This indicates the company’s dedication to innovate by adopting Blockchain technology to provide a secure and transparent experience to its clients.