Marsh CrimeBlock honoured with Business Insurance 2018 Innovation Awards
Recent Marsh innovations that address real-time proof of insurance, pandemic risk, and social engineering loss are among 10 products and services recognised with Business Insurance 2018 Innovation Awards.
The annual awards recognise leadership, inventiveness, and ingenuity in products and services designed for risk management professionals. Selected by a panel of independent risk managers, Marsh received the prestigious honours for our Blockchain, PathogenRX and CrimeBlock solutions.
“Marsh is committed to helping clients manage in an increasingly volatile and disruptive age. These three Business Insurance 2018 Innovation Awards reflect that commitment and the creativity that comes from deep colleague expertise in managing risk,” said John Doyle, President and CEO of Marsh. “Congratulations to the colleagues who helped bring these products to market to better serve our clients.”
Blockchain-powered proof of insurance
One of the first insurance firms to utilise blockchain technology, Marsh's blockchain solution fundamentally transforms the proof of insurance process from complicated and fragmented to streamlined and transparent for all parties. Our solution digitises certificate-of-insurance information into an immutable record so that all permissioned parties can instantly verify insurance information and be notified in real-time when a vendor's insurance has been changed or canceled.
With PathogenRX, we created the first integrated insurance solution of its kind to provide financial protection to US-based businesses and their global operations affected by an infectious disease outbreak. Available exclusively to Marsh clients, underwritten by Munich Re, and backed by the analytics capabilities of Metabiota, businesses now can better prepare for the potential of an epidemic or pandemic with a highly customisable risk modelling and transfer solution.
Addressing losses from social engineering fraud schemes was our goal when developing our CrimeBlock solution. CrimeBlock simplifies commercial crime insurance by using an "all risks" approach, triggering on "any fraudulent, malicious, criminal or dishonest act by any person." It is not tied or restricted to specific sub-categories of “insured perils” or events. Marsh's solution demonstrates certainty and clarity for clients that their loss is covered.
You can read more about these solutions in Business Insurance’s November issue found HERE.