The Blockchain technology is not taking a slack as it is smoothly sliding its way into almost every industry. The Insurance industry is not spared as the aura of Blockchain technology has enchanted it.
A New Era for the Insurance Industry
There is a new project currently under invention between Marsh, a global insurance brokerage and risk management firm, IBM, ACORD, and ISN.
According to Business Wire Report, it was revealed that Marsh organization signified her interest in creating a commercial Blockchain solution for proof of insurance.
The reason for this idea according to Marsh is to transfigure the certificate of insurance process “from complicated and manual to streamlined and transparent.”
IBM Blockchain and Hyperledger fabric technology are where the new proof of insurance is being developed. Sastry Durvasulam, chief digital and chief data and analytical officer articulated his positivity about the collaboration:
“Marsh sees a great opportunity in leveraging Blockchain to better serve our clients by maximizing efficiency and creating new opportunities in the insurance value chain, we believe strategic engagements such as this one with IBM, ACORD, and ISN will accelerate the adoption of further Blockchain applications benefiting our clients across industries.”
IBM general manager, Sandip Patel, also stated that “vastly simplifying the process for providing proof of insurance is a key enabler of business. IBM is committed to connecting emerging Blockchain networks to facilitate the next generation economy. This is an example of how Blockchain can be used on a much broader scale to drive real business results.”
Proof of insurance is a necessity required by most industry and Blockchain technology offers that on a platter of gold.
ISN, a provider of contractor and supplier information of contract services; who is a part of the project, is the first on the list of clients to enjoy this innovation. Brett Parker, who is a technical insurance lead at ISN, mentioned that:
“The insurance industry has been dependent on paper certificates of insurance, manually populated by an insurance agent. By digitizing the policy information, we can streamline the process saving our customers time to focus on their core competencies.”
Other Innovative Blockchain solutions in the Insurance Industry include; B3i Service AG, fashioned to create a Blockchain trading platform for a value-added chain of the entire insurance industry.
No doubt this will be a great asset to those in the insurance industry as customers will now be able to carry out better business functions such as hiring contractors and transferring risk while increasing the certainty of coverage.