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Marsh Analytics Platform integrated with global loss database

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Marsh Analytics Platform integrated with global loss database

Insurance broker Marsh L.L.C. said it is completing the global rollout of its proprietary analytics solution, Marsh Analytics Platform, which is now fully integrated with its claims database, Global Loss Data Library.

The database contains $300 billion in aggregate claims data derived from dozens of countries and more than 20 industries, Marsh said Monday in a statement. The claims data is paired with placement information and analytics technology to deliver a holistic view of current and emerging trends in risk, the company said.

By consolidating modeling with a growing loss database, the platform should enable the broker to deliver more effective insights to clients, according to Timothy Gardner, New York-based risk management global leader at Marsh.

“We are starting to accumulate a really sizable perspective on global loss activity.” Mr. Gardner said in the statement. “It allows us to take client experience, which tends to be limited, and augment with our own perspective.”

Mr. Gardner said the ultimate aim of the platform is to help broaden the conversation with clients from the insurance coverages a client may need in the coming year to more holistic discussions such as how best to align risk with capital.

“Our view is that this platform is part of a changing dynamic of how insurance brokers advise their clients,” he said. “It gets us beyond the year-over-year questions of 'what did we pay last year' and instead helps answer more fundamental questions.”

Mr. Gardner said one challenge the company has faced in establishing MAP has been training its global team of sales professionals to use the platform. “A big piece for us was rolling this out in a consistent global fashion,” he said.

The platform's mobile-based application, known as iMAP, has been helpful in training colleagues around the globe, Mr. Gardner said.

“The mobile application that we built allows us to scale the conversation more quickly,” he said. “We can train colleagues quickly, and they are ready to go.”

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