Marsh, the leading insurance broker and risk advisor, has introduced ReadyCell, in a bid to to simplify and empower organisations in their risk financing strategies.
The prominent firm within Marsh McLennan has launched this latest offering to function as a streamlined risk financing solution. Leveraging AI technology, it allows swift establishment of personal insurance entities within Marsh’s Mangrove Protected Cell Facility, enabling immediate coverage initiation or standby capacity for up to 18 months.
ReadyCell’s key feature lies in its AI-driven platform, enabling swift formation of insurance entities within Marsh’s protected facility. Notably, it eases the often complex and time-consuming regulatory approval processes, providing an efficient means for organisations to take control of their risk management strategies.
The platform received pre-approved regulatory licensing from the District of Columbia Department of Insurance, Securities and Banking, simplifying the typically lengthy licensing process for forming individual insurance companies.
Ellen Charnley, President of Marsh Captive Solutions, said, “With ReadyCell, Marsh is harnessing the power of AI technology to remove the barriers for more organisations to take greater control of their risk management, enabling them to mitigate uncertainties in the commercial insurance market. This is part of our overall strategy to drive innovation and lead the digital evolution of the captive insurance sector.”
Denise Perlman, President of National Business Insurance at Marsh McLennan Agency, added: “Although designed for organisations of all sizes, ReadyCell’s simplified process, cost efficiency, and expert support make it an especially attractive tool for small to midsize businesses, many of which are either unaware of the captive concept or believe it to be an alternative for large organisations only. By increasing access to self insurance options, more firms will be able to manage their risk and insurance costs on their own terms.”
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