Marsh has launched ReadyCell, an AI-powered risk financing solution allowing organisations to form their own insurance company ‘within minutes’, as part of the company’s Mangrove protected cell facility in Washington DC. The product is a ‘simplified and flexible’ risk financing solution that enables organisations to self-insure. The solution allows companies to immediately begin to insure a single line of coverage or a single layer within a larger insurance programme. Firms can also keep their insurance company on standby to assume risk when needed for up to 18 months. A number of organisations are interested in using self insurance as part of their overall risk management strategy, Marsh says, but the regulatory and approval processes of forming an insurance company can be lengthy and cost prohibitive. With ReadyCell, the company has built a proprietary platform that harnesses client-based technology and has received conditional pre-approved regulatory licensing from the District of Columbia Department of Insurance, Securities and Banking, which will streamline the licensing process for individual insurance company formations. Ellen Charnley, president of Marsh Captive Solutions, comments: "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.”
