Marsh Launches Captive Insurance Licensing Platform

Marsh recently launched ReadyCell, a risk financing solution that supports organizations looking to open their own captive insurance company without the usual barriers.

Using self-insurance can involve lengthy and cost-prohibitive regulatory and approval processes, according to Marsh.

Marsh said it offers a streamlined licensing process for individual insurance company formations with this platform powered by artificial intelligence (AI) and conditional preapproved regulatory licensing from the District of Columbia Department of Insurance, Securities and Banking.

ReadyCell allows organizations to form their own captive 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 captive on standby to assume risk when needed for up to 18 months, said Marsh.

"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," 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, "[ReadyCell is] 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."