- Pricing and telematics lead the charge as insurtech patents jump 40pc
- FCA puts general insurance pricing practices under review
- Volvo and Baidu reach agreement to produce autonomous vehicles
- Cyber and D&O exposures increasingly intertwined, Airmic report finds
- Arch selects Touchstone for cat risk modelling
Marsh first insurance broker to join Ethereum blockchain initiative
Written by staff reporter
Marsh has joined open source blockchain initiative, the Enterprise Ethereum Alliance (EEA). With over 400 member companies, the EEA seeks to create open industry standards and frameworks for blockchain applications based on the core Ethereum platform.
Marsh is the first insurance broker to be part of the EEA.
“We see the potential of blockchain technology as having a game-changing impact on the risk management and insurance industry-- one that enables the creation of new business models, products, and platforms that better serve our clients in the new economy,” says Sastry Durvasula, chief digital officer at Marsh. “By joining the EEA, we will be able to collaborate with other members to explore new solutions and disruptive use cases, while participating in the evolution of Ethereum into enterprise-grade blockchain technology.”
The broker also recently joined The Institutes RiskBlock Alliance, a risk management and insurance industry enterprise-level blockchain consortium that seeks to leverage the blockchain to lower industry transaction costs while increasing the speed and security of data transfers among customers, industry stakeholders, and third parties