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Marsh L.L.C., the global brokerage, is launching Marsh Digital Labs within its broader digital, data and analytics organization, Marsh said in a statement Thursday.
Marsh Digital Labs will work to experiment in emerging technologies and develop innovative products, new business models and strategic engagements with clients, insurers and insurtech companies, the statement said.
The San Francisco-based unit is headed by Asha Vellaikal, who joined the broker last August, and is now exploring new products in the small commercial and consumer business, cyber, sharing/gig economy, autonomous vehicle and workers compensation sectors, the statement said.
Marsh Digital Labs’ approach is to leverage cloud-based platforms to build new capabilities, reusable components and test-and-learn tools, according to the statement.
It includes 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,” Ms. Vellaikal said in the statement.
“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,” Sastry Durvasula, chief digital officer and chief data and analytics officer for Marsh, said in the statement.
Marsh L.L.C. has launched Project Edge, a U.S. project-specific general liability product designed for the construction industry.