Insurers are beginning to answer questions around how and when blockchain will be fully utilized in the industry, as multiple organizations continue to launch new proofs of concepts to test out the ledger technology.The majority of early-stage pilots in insurance have focused on providing instant proof of coverage for customers. Industry consensus says that proof of insurance on the blockchain offers automation, heightened security and a guarantee that shared information will not be tampered with.
With this in mind, Marsh, in partnership with IBM, ACORD and its client ISN, rolled out a new blockchain product on April. 16, aimed at providing commercial proof of insurance to employers hiring contract workers. ISN, a collector of more than 67,000 contract employee records, is the first of Marsh’s clients to pilot the product in market. Other companies have expressed additional interest in leveraging the platform as well, Sastry Durvasula, Marsh’s chief digital and data analytics officer, told Digital Insurance last week. Nationwide also recently agreed to pilot a blockchain-based proof-of-insurance concept on an application being developed by The Institutes RiskBlock Alliance, a consortium of insurers attempting to develop standardized blockchain applications for the industry. The application would allow law enforcement officials to be assured of up-to-date, accurate coverage information from motorists.
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