Marsh to Power Next-Gen Insurance Products and Distribution Channels with Launch of Marsh Digital Labs
New York | April 12, 2018
Marsh, a global leader in insurance broking and innovative risk management solutions, announced today the launch of Marsh Digital Labs within its broader Digital, Data, and Analytics organization. Marsh Digital Labs will act as an incubator focused on experimenting in emerging technologies and developing innovative products, new business models, and strategic engagements with clients, carriers, and insurtech companies.
“We see artificial intelligence, blockchain, the Internet of Things, and other emerging technologies as a transformative opportunity to drive client value,” said Sastry Durvasula, chief digital officer and chief data and analytics officer, Marsh. “With Marsh Digital Labs we are providing a hands-on opportunity to collaborate with clients on new ecosystems, innovative use cases, and distribution channels that will better help them manage risk and succeed in the new economy.”
Based in San Francisco, California, Marsh Digital Labs is currently exploring new products in the small commercial and consumer business, cyber, sharing/gig economy, autonomous vehicle, and workers’ compensation sectors. It also will continue to build and collaborate with industry, academia, and open-source initiatives. Marsh recently joined the Enterprise Ethereum Alliance and is actively experimenting with Hyperledger and other blockchain technologies.
Marsh Digital Labs is headed by Asha Vellaikal, who joined Marsh last August and brings a strong technical and innovation background from her time at Orange Labs and startups in the Silicon Valley.
Marsh Digital Labs’ approach is to leverage cloud-based platforms to build new capabilities, reusable components and test-and-learn tools. “The Labs includes a machine learning garage to create next-generation risk models, intelligent automation, and cognitive capabilities. A cutting-edge design studio enables seamless integration with clients’ own digital applications to conduct pilots in the market,” Ms. Vellaikal said.
Marsh will be showcasing its Marsh Digital Labs and conducting live demonstrations at the upcoming RIMS 2018 Annual Conference & Exhibition in San Antonio, Texas.
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue over US$15 billion and 75,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading firms: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.