Marsh is honored to be recognized by Business Insurance with a 2020 Innovation Award for its Supplier Select insurance solution designed to reduce supply chain stress and provide peace of mind to risk managers.
Business Insurance’s Innovation Awards recognize leadership, inventiveness, and ingenuity in products and services designed for risk management professionals. Winners are selected by a panel of independent risk managers.
Marsh Supplier SelectSM — powered by Marsh’s Bluestream technology — offers product liability insurance to the suppliers of retailers and wholesalers that may lack adequate coverage or are otherwise unable to demonstrate contractually required coverage. Suppliers apply to join the program via a digital platform and instantly receive a quote to secure coverage fulfilling the retailers’ insurance requirements.
“Products sold by retailers and wholesalers often come from third-party suppliers and can present sizable risks, including the potential for bodily harm or property damage losses,” said Erica Chervony, an Associate Producer for Marsh, who with several Casualty and Retail Wholesale Food & Beverage Industry Practice colleagues, developed the solution. “Retailers often build insurance requirements into their contractual agreements, but suppliers can struggle to meet them — and purchasing departments often struggle to verify compliance.
“Marsh Supplier Select not only protects businesses from such losses, it also eases the administrative burden of managing and verifying various vendor insurance certificates. We are honored to be recognized for our creativity in addressing the concerns of our clients,” said Ms. Chervony.
This is the fourth year in a row that Marsh solutions have been recognized in Business Insurance’s annual Innovation Award program. In 2019, Marsh’s FINTECH Protect was recognized. In 2018, Marsh’s Blockchain Proof of Insurance, PathogenRX, and CrimeBlock solutions were honored; and in 2017, Marsh’s Brexit insurance placement structure, known as Bridge was recognized.