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Marsh LLC on Tuesday launched a blockchain-based placement platform for trade credit insurance, which it plans to expand to place other lines of business.
In its pilot phase, Marsh’s risk exchange will be used to place trade credit coverage for Dow Inc., SharkNinja Operating LLC, an appliance manufacturer, and some other unnamed clients with American International Group Inc. and Euler Hermes, a credit insurance unit of Allianz SE, said Sastry Durvasula, chief digital officer and chief data and analytics officer for Marsh in Phoenix.
The system provides “a client-facing digital experience, a colleague-facing digital experience and a carrier-facing digital experience” that replaces emails, spreadsheets and legacy systems, and at key points, such as policy binding, the process uses blockchain technology, he said.
The risk exchange concept was proposed by a winning Marsh “hackathon” team during an annual competition that the brokerage holds for staff, Mr. Durvasula said.
Trade credit coverage was selected for the pilot because blockchain technology is already transforming trade financing and the coverage is relatively simple and uniform, he said. “I would not say it’s vanilla, but it doesn’t come in 1,000 flavors,” he said.
Marsh plans to develop the exchange to place other types of commercial coverage, Mr. Durvasula said.
Established insurance industry firms and newcomers increasingly are selling commercial insurance coverage through digital channels as the explosion in insurtech initiatives continues to transform the sector.