Marsh To Pilot Blockchain-Powered Insurance Placement Process

Marsh will pilot Risk Exchange, a new digital placement platform powered by blockchain technology. Risk Exchange aims to move the insurance placement process toward an interactive, digital experience where clients, insurers, and brokers can provide real-time information and feedback on the placement and binding process.

The Risk Exchange concept was proposed by a winning Marsh hackathon team and further developed in Marsh Digital Labs.

In the pilot, Marsh clients Dow Inc. and SharkNinja will bind US trade credit policies with AIG and Euler Hermes, receiving real-time status updates and notifications throughout the process. 

Nick Robson, global credit specialties leader, Marsh JLT Specialty, 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."