Marsh has announced the launch of ReadyCell, a ‘simplified and flexible risk financing solution that enables organizations of all sizes to quickly open their own insurance company and take greater control of their risk management’.
In today’s volatile commercial insurance market, many organizations 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 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 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.