Insurance broker Marsh has announced the launch of Marsh Digital Labs, an incubator based in California. The incubator will pursue selected tech experiments and developing innovative products. It will also look at strategic engagements with clients, carriers, and InsurTech companies.
Marsh Digital Labs is also exploring new products in the small commercial and consumer business sectors, cyber risks, the sharing/gig economy, autonomous vehicle, and workers’ compensation. For R&D, it will continue to build and collaborate with industry, academia, and open-source initiatives. Marsh has also joined the Enterprise Ethereum Alliance and is actively experimenting with Hyperledger and other blockchain technologies.
Showcasing IoT, Blockchain, Cyber, and mobile experience demos at the Marsh Digital Labs Dome at RIMS 2018 Annual Conference & Exhibition in San Antonio, Texas
Additionally, the Lab includes a machine learning garage to create next-generation risk models whilst its cutting-edge design studio also enables seamless integration with clients’ own digital applications to conduct pilots in the market.
Sastry Durvasula, Chief Digital Officer and Chief Data and Analytics Officer at Marsh said: “We see artificial intelligence, blockchain, the Internet of Things, and other emerging technologies as a transformative opportunity to drive client value. 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.”
Ultimately, this initiative is notable for its focus on high-risk, high-reward endeavours which is unusual for traditional brokers.
