Dow Inc. and SharkNinja will bind U.S. trade credit policies with AIG and Euler Hermes on Risk Exchange, a new digital placement platform powered by blockchain technology and piloted by Marsh.
In a statement, Marsh said that Risk Exchange "has 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 Marsh hackathon team and further developed in Marsh Digital Labs.
"This is an important milestone in Marsh's digital transformation and a great example of applying emerging tech to create value for our clients," said Sastry Durvasula, chief digital officer and chief data and analytics officer at 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."
Nick Robson, global credit specialties leader at Marsh JLT Specialty, added, "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."
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].