Marsh has become the first insurance broker to be part of the EEA, (Enterprise Ethereum Alliance) which includes some of the world’s leading organizations in technology, financial services, health care, energy, manufacturing, and a number of fast-growing startups.
As a member of the EEA, Marsh will play an active role in the Insurance Working Group and the Digital Identity Working Group, collaborating with the alliance members in leading and driving the adoption of blockchain applications.
“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,” said Sastry Durvasula, Chief Digital Officer and Chief Data & Analytics Officer, 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.”
Marsh 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.
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 over 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.
About The Enterprise Ethereum Alliance
The EEA is an industry-supported, not-for-profit established to build, promote, and broadly support Ethereum-based technology best practices, open standards, and open-source reference architectures. The EEA is helping to evolve Ethereum into an enterprise-grade technology, providing research and development in a range of areas, including privacy, confidentiality, scalability, and security. The EEA is also investigating hybrid architectures that span both permissioned and public Ethereum networks as well as industry-specific application layer working groups.
EEA will collectively develop open industry standards and facilitate collaboration with its member base and is open to any members of the Ethereum community who wish to participate. This open-source framework will enable the mass adoption at a depth and breadth otherwise unachievable in individual corporate silos and provide insight to the future of scalability, privacy, and confidentiality of the public Ethereum permissionless network.
It will be interesting to see how quickly other insurance companies form alliances, or develop their own blockchain strategies. Much depends on the core activity of the company itself, and how transactions are curently authorised, accounted for, compliance issues in different markets and how the data stored.
Accountants PwC published a survey report on the insurance sector’s response to blockchain, which also has a useful sharthand explanation of the technology and why companies should consider using it – more here.