13 April 2018Insurance

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.

Join us at Intelligent Automation in Insurance - April 26th 2018, London:  Book now.

More of today's news

Marsh appoints new UK & Ireland CEO as Weil departs 

AM Best warns over cyber challenge for insurers

AIG poaches XL Catlin's global head of claims Vidovich

VIG Re plans Asia, Europe expansion, says chairman

Insurers refocus strategy to reduce capital intensity

CNA appoints global reinsurance SVP from AIG

AXA backs insurtech for pay-by-mile car insurance in UK

Alliant acquires New York insurance brokerage Crystal & Company

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
18 April 2018   Insurance broker Marsh has appointed Paul Denny as UK financial and professional practice (FINPRO) leader.
Insurance
17 April 2018   Insurance broker Marsh is launching a commercial blockchain solution for proof of insurance in collaboration with IBM, ACORD and ISN.
Insurance
13 April 2018   Insurance broker Marsh has named Chris Lay as new CEO of its UK & Ireland region, succeeding Mark Weil who is leaving Marsh to take up a senior role in the private equity sector.