Marsh, a major insurance broking and risk management company has tested a blockchain-based digital placement platform. 

As per a press release published on September 24^th, the Risk Exchange platform intends to provide a more protected and transparent digital placement and allow users to have access to information in real-time and feedbacks on the binding and placement procedures. 

Insurance placement is buying an insurance product or service or renewal of an existing product. 

First participants in the pilot

With the pilot, Dow Inc., a commodity chemical firm, and SharkNinja, a domestic appliance manufacturer, will integrate United States trade credit policies with AIG, an insurance and finance corporation, and Euler Hermes, an insurance firm. During the pilot, the involved parties will receive real-time notifications and status updates. 

The global credit specialties leader at Marsh JLT Speciality, Nick Robson, said:

“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’s proof of insurance platform

Back in April, Marsh announced that it was planning to launch its Proof of Insurance (PoI) blockchain platform which was based on the Hyperledger Fabric technology for the American commercial clients. The platform is developed to make the business procedures faster and also for better certainty of insurance coverage. 

In September last year, after the proof-of-concept, Marsh collaborated with IBM to deliver the blockchain PoI to expanded clients through the Salesforce platform.