Marsh says Broker Workbench cuts London placement processing to hours
Chief executive John Doyle told analysts that 93% of Marsh's wholesale trading in London is now digital.
Marsh has cut placement processing in its UK wholesale business from two to four weeks to a couple of hours with Broker Workbench, chief executive John Doyle told analysts on 15 October.
Doyle also said 93% of Marsh's wholesale trading in London is now digital. The figures set a benchmark for London wholesale brokers and the carriers that provide their capacity.
Broker Workbench launched in the third quarter. It uses Marsh's data and analytics to place clients' risks faster and match risk with capital more efficiently, Doyle said on Marsh McLennan's third-quarter earnings call.
Doyle said: "In fact, 93% of our wholesale trading in London is now digital and the time to process placements is reduced from 2 to 4 weeks to a couple of hours with Workbench."
Doyle also discussed Marsh Risk Companion, an AI-enabled analytics suite that provides insights for client risk programmes and models risk scenarios.
The broker has launched Stratus Exchange, providing access to up to $10bn of property coverage for the ongoing operations of digital facilities. The offering follows Nimbus, a $2.7bn insurance facility for construction risks.
Doyle cautioned that Marsh's use of AI remains at an early stage: "Although it's early, and it is early, AI is making us better now in delivering new perspectives and insights more efficiently and with greater impact for our clients."
Insurance Business reported that Marsh has raised the annualised savings target for its Thrive efficiency and growth programme to about $600m. The publication also reported that Marsh has built an internal AI model and introduces new tools to staff every week.
Insurance Business reported Doyle's message to staff: "be good users of AI and you're going to become more valuable to us, more valuable to our clients."
Related coverage: Chubb combined ratio rises to 84.1% on $705m of catastrophe losses and Lloyd's takes strategic stake in aviation data platform Asterias.
Sources
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