Marsh confirms partnership with insurtech….Marsh, IBM to further access to blockchain proof of insurance solution

Marsh confirms partnership with insurtech

HARARE, Brokerage titan Marsh has tapped a London-based insurtech to drive new insights and placement strategies for customers in the area of marine cover.

Announcing the multi-year deal, Concirrus said Marsh will be adopting the insurtech’s “Quest Marine” platform. Central to the partnership is behavioural data, which will also help in identifying new opportunities for digital product development.

“A significant enabler of growth and innovation, digitisation is set to revolutionise the global marine industry over the next 10 years,” said Marcus Baker, chair of global marine practice at Marsh. “Firms need to be able to leverage the very best data and technology in the market to continue to provide additional value to fleets and insurers alike.

“We look forward to collaborating with Concirrus and leveraging Quest Marine, to assist our global marine clients in capitalising on the opportunities that this new age of digitisation presents.”

Quest Marine uses advanced artificial intelligence to interpret wide-ranging datasets in real time – information which is combined with historical claims data when the software is integrated with an insurer, reinsurer, or broker’s existing system.

“We are really proud to be working with Marsh,” commented Concirrus chief executive Andrew Yeoman. “They are undoubtedly the market leader in the marine space and their vision for a future of marine insurance is compelling.

“This is further validation that Quest Marine now represents a production-ready system to apply big data and machine learning to the specific requirements of the marine insurance markets.”

Marsh, IBM to further access to blockchain proof of insurance solution

HARARE, Marsh has announced that it is expanding its collaboration with IBM in order to provide clients with wider access to the industry’s first blockchain solution for proof of insurance.

“By using blockchain technology, Marsh and IBM are working together to transform the certificate of insurance process from complicated and manual to streamlined and transparent, allowing clients to speed up necessary business functions such as hiring contractors,” Marsh said in a news release.

The brokerage giant added that the collaboration would allow the commercial proof of insurance blockchain solution to be accessible to clients through the Salesforce platform.

“By making proof of insurance accessible digitally and instantaneously for our clients through Salesforce, we are streamlining a key business requirement through easy and secure sharing of proof of insurance,” said Sastry Durvasula, Marsh’s chief digital, data and analytics officer.

“Distributed ledger technologies are driving efficiency across many industries by enabling legacy manual processes to operate more efficiently and with greater transparency and trust,” said Sandip Patel, general manager for the insurance industry at IBM. “This innovation is an ideal example of how blockchain can be used to drive real business results and collaboration in the insurance industry.” InsuranceBusiness