Aon co-developed a policy designed to help provide financial support after a terrorist attack. Marsh is expanding its collaboration with IBM to provide clients access to the industry’s first commercial blockchain product for proof of insurance.
Aon and Pembroke Managing Agency at Lloyd’s developed a policy intended to help provide financial support after a terrorist attack.
Called a Public Protection Policy (PPP), it is designed to help businesses provide financial support to individuals affected by a terrorist attack on a company’s premises or owned space. The policy provides direct financial support to terrorism victims and their families, focused on employees and third parties—or people rather than property.
As the focus of terrorist attacks shifts toward mass human casualties, companies operating in public spaces or with exposures due to their public footprint are battling security exposures that continue to evolve, Aon said. The company added that PPP was created in response to the real cost to families affected by these attacks.
An aggregate policy limit of up to $50 million per event enables firms to take a responsive and structured approach to such attacks while providing a measure of relief to those affected, Aon said.
Insurance broker Marsh is expanding its collaboration with IBM to provide clients with access to the industry’s first commercial blockchain product for proof of insurance through the Salesforce customer management platform.
Blockchain technology promises to automate and streamline the proof of insurance process, making the proof available immediately and allowing clients to speed up their hiring of contractors. A distributed ledger technology, blockchain establishes a shared, immutable record of all the transactions that take place within a network and then enables permissioned parties access to trusted data in real time. Since proof of insurance is a key business requirement in many industries, this blockchain product allows the creation of a network of networks to provide verification on a much broader scale, Marsh said
Marsh released in April the first commercial proof of insurance blockchain product. Developed with IBM, the product also came about with input from insurance standards organization ACORD and customer feedback from ISN, a contractor and supplier information management firm.
The blockchain is built on the open source Hyperledger Fabric technology and IBM Blockchain Platform.
Source: Aon and Marsh