Marsh launches ReadyCell

Marsh announced the launch of ReadyCell, a new solution that enables organizations to “quickly” open their own insurance company and take greater control of their risk management.

With ReadyCell, Marsh 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 organizations to form their own insurance company within minutes, as part of Marsh’s Mangrove Protected Cell Facility in Washington D.C., and 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 organizations 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.” – Ellen Charnley, president of Marsh Captive Solutions.

“Although designed for organizations 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 organizations only. By increasing access to self insurance options, more firms will be able to manage their risk and insurance costs on their own terms.” – Denise Perlman, president of National Business Insurance at Marsh McLennan Agency.