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What makes Marsh Inc.'s expertise so valuable to large insurance buyers that they singled the brokerage out for top honors in that category in the Buyers Choice Awards?
David Bidmead, Marsh's U.S. CEO, said it's not enough for Marsh to be a big broker and tout its expertise.
Instead, Marsh must prove that it is acting “beyond the insurance transaction” on the client's behalf, he said. “If you accept the notion that we have about 40 industry and specialty practices around the world, our clients who exist in those industry segments expect us to do the basic blocking and tackling of their insurance transactions better than anyone else in the industry because of our market leadership,” said Mr. Bidmead.
“Beyond that, they want us to understand and anticipate solutions to emerging risks,” he said. Clients also have a growing desire to validate risk financing decisions through the effective use of data and analytics, according to Mr. Bidmead.
He said one of the areas in which Marsh differs from competitors is the “cohesive nature” of its global network. “It's not enough to have operations in over 130 countries,” he said. “The people on the ground need to understand the needs of truly global clients and respond with the same sense of urgency.”
He said he believes Marsh has developed and delivers superior client technologies. As an example, he cited Marsh's proprietary system devised by Marsh's CS STARS L.L.C. unit. CS STARS' primary software platform, STARS Enterprise, supports comprehensive risk management, enterprise risk management, and compliance and safety management.
“It has met with wide acclaim,” he said.
Mr. Bidmead noted that recent events have influenced the type of expertise clients are seeking.
For example, March's earthquake, tsunami and nuclear disaster in Japan illustrated interconnectedness of business around the world, he said.
The Japanese catastrophe “really accentuated two things,” he said.
One is the ability to identify, analyze and understand global supply chain risks, said Mr. Bidmead. The other is the ability to undertake meaningful scenario analysis that tests the integrity of clients' business resiliency plans.
Another area of growing interest is coverage associated with investigations in association with the U.S. Foreign Corrupt Practices Act, said Mr. Bidmead. He noted that Marsh launched a new product this year that covers cost of such investigations for individuals and organizations.
View profiles of all the honorees here.