Insurance broker Marsh announced the launch of an AI-powered platform designed to improve Marsh brokers’ operational efficiency and reduce placement times for clients in the London insurance market.
Called “Broker WorkBench,” the platform combines streamlined workflows with intelligent data processing to help brokers match and send placement requests to the London insurance market, negotiate terms, and bind contracts for lead markets, digital followers and pre-arranged “follow-form” insurance capacity.
All recommended placements created by Broker WorkBench will continue to be approved by Marsh’s brokers. By automating routine administrative tasks, it will improve operational efficiency and reduce placement times from the industry average of two-to-four weeks to days or hours through its digital-first, data-standardized processes.
The platform was developed by Marsh Risk’s UK Specialty team, led by Dominic Samengo-Turner.
“Broker Workbench represents a significant investment in Marsh’s AI and technology capabilities, designed with a clear purpose: delivering better outcomes for our clients as they navigate an increasingly complex risk environment,” commented Andrew George, president, Specialty, Marsh Risk, in a statement.
“This new platform will enhance the value of the broker-client relationship by equipping our brokers with data-driven insights and greater efficiency,” George added. “This gives them more time to deliver tailored insurance solutions that reduce our clients’ total cost of risk, strengthen their resilience, and support them in planning for the future with increased confidence.”
Source: Marsh
Topics InsurTech Data Driven Artificial Intelligence Tech London
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