Advantages associated with blockchain tech are being realized at a global level as heavyweights from major business sectors continue to join the bandwagon. The latest big-league member to join the blockchain space is Marsh, one of the world’s more prominent insurance brokers and risk advisers. The firm is in the news now after it piloted a blockchain-powered Risk Exchange.
According to Marsh, the blockchain-based Risk Exchange platform aimes to deliver an effective and efficient solution to users, by delivering more transparent and secure digital placements, and giving real-time information along with feedback for placement and binding procedures.
It is important to note that Marsh stepped into the blockchain space with an intention to transform the existing insurance placement procedure. This way, the traditional method will move towards a more interactive digital platform. Along these lines, existing clients and carriers in addition to Marsh brokers, will get their hands on real-time statistics.
Sastry Durvasula, Chief Digital Officer and Chief Data & Analytics Officer, at Marsh said,
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“This is an important milestone in Marsh’s digital transformation and a great example of applying emerging tech to create value for our clients. 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.”
Previously, the Risk Exchange concept was pitched by one of the winning teams from Marsh hackathon. Currently, the digital platforms that are based on blockchains have a background of financing high capital volumes. Marsh stepped into the blockchain space with the aim of digitizing the payments space, along with all inclusive documents. With this, users and members of the existing trade credit insurance placement procedure can take advantage of the improved buying experience.