Insurance broker Marsh has launched ReadyCell, an AI-powered solution enabling organisations to rapidly setup their own Protected Cell Company (PCC).

PCCs are legally separate self-insurance facilities which organisations can rent within a sponsored captive facility, meaning they receive many of the benefits of a captive without the cost and capital commitment required of a wholly owned captive.

A captive is a wholly owned subsidiary which provides insurance to its non-insurance parent business.

The New York-headquartered business said ReadyCell enables organisations to set up a PCC “within minutes” as part of Marsh’s Mangrove Protected Cell Facility in Washington D.C., and immediately begin to insure a single line of coverage or a single layer within a larger insurance programme.

In developing its ReadyCell solution, Marsh built a proprietary platform that harnesses AI-powered KYC technology and receives conditional pre-approved regulatory licensing from the District of Columbia Department of Insurance, Securities and Banking, which it says will streamline the licensing process for individual insurance company formations.

"With ReadyCell, Marsh is harnessing the power of AI technology to remove the barriers for more organisations to take greater control of their risk management, enabling them to mitigate uncertainties in the commercial insurance market,” said Ellen Charnley, president of Marsh Captive Solutions. “This is part of our overall strategy to drive innovation and lead the digital evolution of the captive insurance sector.”

Marsh recently launched a war insurance facility to provide affordable insurance supporting the export of grain and other critical food supplies globally from Ukraine’s Black Sea ports amid Russian occupation.

The insurance broker’s Unity facility comes in collaboration with the Ukrainian government, the Export Credit Agency of Ukraine, Ukreximbank, Ukrgasbank and DZ Bank and will provide up to $50 million in hull and separate protection and indemnity war risk insurance underwritten by insurers based at Lloyd’s of London.

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