Marsh, an insurance broker, risk advisor, and business of Marsh McLennan, has launched ReadyCell, a 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 explained that there is a growing interest among many organisations to use self insurance as part of their overall risk management strategy.

However, according to the firm, 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,” Marsh explained.

The firm stated that ReadyCell allows organisations 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.

Ellen Charnley, President of Marsh Captive Solutions, commented, “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.”

Denise Perlman, President of National Business Insurance at Marsh McLennan Agency, added, “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.”