Marsh launches ReadyCell

Marsh has launched ReadyCell, a simplified and flexible risk financing solution that enables organisations of all sizes to quickly open their own insurance company and take greater control of their risk management.

Marsh said that in today's volatile commercial insurance market, many organisations are interested in using self insurance as part of their overall risk management strategy, but the regulatory and approval processes of forming their own insurance company can be lengthy and cost prohibitive.

With ReadyCell, Marsh said it has built a proprietary platform that harnesses AI-powered know your client technology and 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.

ReadyCell allows organisations to form their own insurance company within minutes, as part of Marsh’s Mangrove Protected Cell Facility in Washington DC, and immediately begin to insure a single line of coverage or a single layer within a larger insurance program. They can also keep their insurance company on standby to assume risk when needed for up to 18 months.

“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.”

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.”