The insurance and risk management broker is collaborating with the IBM giant to design a blockchain-based platform dedicated to insurance services.
These four companies will lay the foundation for an important blockchain-based system that will ensure a strong development of the data verification process. Thus, using Hyperledger Fabric nodes and IBM’s Blockchain Platform, companies will be able to verify the validity of information provided by entrepreneurs.
Only specific parties will be able to check the data in real-time
According to the Press Release, the designed blockchain-based platform allows limited access to official information in real time. Currently, the insurance broker uses an outdated manual data recording system, which is expected to be greatly improved.
“Marsh sees great opportunity in leveraging blockchain technology 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 help accelerate the adoption of further blockchain applications benefiting our clients across industries.”, stated for Business Wire the Chief Digital Officer of insurance broker Marsh, Sastry Durvasula.
The insurance company Marsh with a $ 2 billion income reported in 2016 is now placed in a pilot phase with its new project, planning to release the first version of it at the end of 2018.
“IBM is committed to connecting emerging blockchain networks to facilitate the next generation economy. This is an ideal example of how blockchain can be used on a much broader scale to drive real business results,” stated the General Manager of IBM, Sandi Patel.
It’s expected that this project will considerably improve the operating system in insurance companies and streamline data processing.