Marsh unveils digital labs in insurtech push
Global insurance broking and risk management firm Marsh has launched Marsh Digital Labs to develop next-generation insurance products and distribution channels.
Based in San Francisco, California, the new lab 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.
It will be headed by Asha Vellaikal, who joined Marsh in August 2017. Marsh Digital Labs will leverage cloud-based platforms to build new capabilities, reusable components and test-and-learn tools.
“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 of 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.”
According to the company, the digital lab is currently exploring new products in the small commercial and consumer business, cyber, sharing/gig economy, autonomous vehicle, and workers’ compensation sectors. It will also continue to build and collaborate with industry, academia, and open-source initiatives.
Vellaikal said: “The Labs include 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.”
Marsh recently joined the Enterprise Ethereum Alliance and is actively experimenting with Hyperledger and other blockchain technologies.
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