Marsh wins two innovation awards

Two Marsh solutions are among the 2021 Innovation Award winners in Business Insurance’s annual program that recognizes leadership, inventiveness, and ingenuity in products and services designed for risk management professionals.

Marsh recently won 2021 Innovation Awards from Business Insurance for its Marsh Risk Resilience Diagnostic tool and SPAC D&O Solution.

Now in its 12th year, the Business Insurance Innovation Awards recognize leadership, inventiveness, and ingenuity in products and services designed for risk management professionals.

Accelerated by the global COVID pandemic and other events, Marsh in 2021 created the Marsh Risk Resilience Diagnostic — a digital tool that evaluates clients’ emerging risk preparedness and organizational resilience. The Diagnostic examines the impacts of risks across core business areas identifies each clients’ organizational exposures and determines potential disruptions across the complete value chain. More about the award-winning diagnostic can be found here: 2021 Innovation Awards: Risk Resilience Diagnostic | Business Insurance.

Amid an abrupt deterioration in directors and officers liability (D&O) insurance market conditions for special purpose acquisition companies (SPACs) at the end of 2020, Marsh created and launched a new D&O solution more aligned to how SPACs and de-SPACs work. The hybrid solution typically offers $2.5 million in limits during the SPAC’s investment period and doubles in size to $5 million during the post-de-SPAC stage, with excess coverage available. Not only are policyholders saving about 40% on their upfront insurance premiums with Marsh’s solution, but their applicable retentions also have dropped significantly. More about the award-winning solution can be found here: 2021 Innovation Awards: SPAC D&O Insurance Solution | Business Insurance.