Marsh, Evident launch gig economy product on blockchain

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Insurance broker Marsh and data-security company Evident, have teamed up to introduce a blockchain-based offering for clients in the sharing and gig economies.

The blockchain application will streamline the onboarding of gig economy workers by simplifying identity verification. Buyers will benefit from simplified insurance and a more trust and safe process to verify identity, the companies claim. The product is built on IBM Blockchain Platform and open source Hyperledger.

The discussion of collaboration for the new program started in May, and placed into beta mode in October. Marsh and Evident expect to release the program nationally early 2019.

Last year Marsh announced a commercial blockchain program for proof of insurance, allowing clients to speed up necessary business functions such as hiring contractors and transferring risk while increasing coverage certainty. With connection to Evident’s Identity Assurance Platform, the program will digitize certificates of insurance to immutable records so all permissioned parties can verify information.

“The beauty of block chain technology is its ability to provide trust, efficiency, and security across ecosystems,” says 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.”

Along with customer convenience, the new program will appeal by adding more channels for to integrate Salesforce and Dreamforce, streamlining a key business requirement, he adds. Marsh is exploring other opportunities to collaborate with clients on new ecosystems, and is exploring new products in small commercial and consumer business, cyber, sharing/gig and workers compensation sectors, Durvasula shared.

“We are keeping our opinions open, and will partner with the right players as well with technology," he says.

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Blockchain Sharing economy Marsh & McLennan