(Image credit: Pete Linforth/The Digital Artist.)
Marsh (New York, has announced a pilot of Risk Exchange, which the global broker describes as a new digital placement platform powered by blockchain technology. Marsh characterizes Risk Exchange as having the potential to transform the insurance placement process toward an interactive, digital experience where clients, carriers, and Marsh 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.
The pilot involves Marsh clients Dow Inc. (Midland, Mich.) and SharkNinja (Needham, Mass.) binding U.S. trade credit policies with carriers AIG (New York) and Euler Hermes (Paris), receiving real-time status updates and notifications throughout the process.
“This is an important milestone in Marsh’s digital transformation and a great example of applying emerging tech to create value for our clients,” comments Sastry Durvasula, Chief Digital Officer and Chief Data & Analytics Officer, Marsh. “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.”
Streamlining the Trade Credit Insurance Placement Process
“Digital platforms powered by blockchain are ideally suited for organizations that either generate or finance large amounts of account receivables,” comments Nick Robson, Global Credit Specialties Leader, Marsh JLT Specialty. “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.”