Marsh, a global leader in insurance brokerage and risk advising, and part of Marsh McLennan, recently introduced ReadyCellSM, a novel risk financing solution.
This tool simplifies the process for organizations, regardless of their size, to establish their own insurance companies swiftly and manage their risks more effectively.
In the context of the fluctuating commercial insurance market, many firms are looking towards self-insurance as a key component of their risk management strategies. However, the traditional route of setting up an insurance company involves complex regulatory hurdles and significant expenses.
ReadyCell addresses these challenges by offering a proprietary platform that incorporates AI-driven client identification technology.
It also benefits from pre-approved conditional regulatory licensing by the District of Columbia Department of Insurance, Securities and Banking. This feature notably streamlines the process of forming individual insurance companies.
With ReadyCell, companies can quickly set up their own insurance entity within minutes under Marsh’s Mangrove Protected Cell Facility in Washington D.C.
This setup enables them to immediately start insuring a specific line of coverage or a particular segment within a broader insurance program. Additionally, the tool allows companies to keep their insurance entity in a standby mode for up to 18 months, ready to assume risk as required.
Ellen Charnley, President of Marsh Captive Solutions, emphasizes that ReadyCell leverages AI technology to make risk management more accessible for a broader range of organizations, helping them navigate the uncertainties in the commercial insurance market.
This innovation is a part of Marsh’s strategy to drive forward the digital transformation in the captive insurance sector.
Denise Perlman, President of National Business Insurance at Marsh McLennan Agency, highlights that while ReadyCell is designed for all organization sizes, it is particularly beneficial for small to midsize businesses.
These firms often either overlook the concept of captive insurance or perceive it as a solution only viable for larger organizations. ReadyCell’s simplified process, cost-effectiveness, and expert support level the playing field, enabling more companies to manage their risks and insurance costs independently.
In today’s volatile commercial insurance market, many organizations are interested in self-insurance, but find the regulatory and approval processes to implement their own insurer can be lengthy and cost prohibitive.
With ReadyCell, Marsh offers a simplified and flexible insurance solution that enables organizations to open their own insurer in minutes and activate it on demand. ReadyCell streamlines the process and reduces costs significantly, helping organizations take control of their risk management and freeing them from the uncertainties of the commercial insurance market.
ReadyCell, designed for organizations of all sizes, uses Marsh’s proprietary Insurance Company as a Service (ICaaS) platform, which harnesses AI-powered know your client (KYC) technology.
by Peter Sonner
