Collaboration to Revolutionize Identity and Insurance Verification
London, UK (Oct. 31, 2018) – Marsh, a global leader in insurance broking and innovative risk management solutions, has announced that it is developing the first blockchain-based verification solution for clients in the fast-growing sharing and gig economies.
Working in collaboration with Evident, a data security platform that allows businesses to run comprehensive, accurate verifications without handling sensitive personal data, the new blockchain solution will streamline the onboarding of gig economy workers by simplifying the insurance and identity verification process with added trust, safety, and risk management.
Built on the IBM Blockchain Platform and open source Hyperledger Fabric, with input from insurance standards leader ACORD, Marsh announced its commercial blockchain for proof of insurance earlier this year. This collaboration with Evident marks an expansion of Marsh’s blockchain’s capabilities which, when connected with Evident’s Identity Assurance Platform, will digitize certificates of insurance into immutable records so that all permissioned parties can instantly verify information.
“The beauty of blockchain technology is its ability to provide trust, efficiency, and security across ecosystems,” said Sastry Durvasula, Chief Digital, Data and Analytics Officer at Marsh. “As the need for insurance and identity verification grows, our collaboration with Evident harnesses the power of blockchain to transform a major business challenge for the sharing and gig economies.”
“Verification and validation cause significant friction in the sharing economy. Solving this challenge requires a solution that brings together trusted information from several parties,” said David Thomas, CEO of Evident. “Integration of our platform’s identity verification capabilities with Marsh’s blockchain will streamline the onboarding of gig workers and offer an unparalleled ability to verify key information, all while ensuring our customers minimize their exposure to their data.”
- Marsh Collaborates with IBM, ACORD, and ISN to Apply Blockchain Technology for First Commercial Proof of Insurance (Apr. 16, 2018)
- Marsh Expands IBM Collaboration to Provide Blockchain Proof of Insurance to More Clients Through Salesforce Platform (Sept. 30, 2018)
Marsh is a global leader in insurance broking and innovative risk management solutions. Marsh’s 30,000 colleagues advise individual and commercial clients of all sizes in more than 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue over US$14 billion and nearly 65,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading firms. In addition to Marsh, MMC is the parent company of Guy Carpenter, Mercer, and Oliver Wyman.
Evident is revolutionizing the way personal data is shared. Evident’s simple, secure Identity Assurance Platform lets businesses confidently know who they are dealing with without handling sensitive personal data. With connections to thousands of authoritative sources through a single API, Evident is the only platform that enables comprehensive, accurate and up to date identity and credential verifications without the risk and liability of holding personal information. For more information, visit www.evidentid.com.
© 2018 Marsh Ltd. All rights reserved.
Source: MarshTags: blockchain, Evident, launch, Marsh, sharing economy