Marsh Captive Solutions has launched ReadyCell to enable organisations to form their own insurance company within its Mangrove Protected Cell Facility in Washington DC in a faster, streamlined process.
Marsh has built the proprietary platform utilising AI technology and has received conditional pre-approved regulatory licensing from the District of Columbia Department of Insurance, Securities and Banking.
“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,” said Ellen Charnley, president of Marsh Captive Solutions.
“This is part of our overall strategy to drive innovation and lead the digital evolution of the captive insurance sector.”
Companies can use ReadyCell to insure a single line of coverage or a single layer within a larger insurance programme.
They can also keep their insurance company on standby to assume risk when needed for up to 18 months.
“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,” said Denise Perlman, president of National Business Insurance at Marsh McLennan Agency.
“By increasing access to self-insurance options, more firms will be able to manage their risk and insurance costs on their own terms.”