Marsh has launched Marsh Digital Labs with the goal of it acting as an incubator focused on experimenting in emerging technologies and developing innovative products, new business models, and strategic engagements with clients, carriers, and insurtech companies.
“We see artificial intelligence, blockchain, the Internet of Things, and other emerging technologies as a transformative opportunity to drive client value,” said Sastry Durvasula, chief digital officer and chief data and analytics officer at Marsh. “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.”
In a statement, Marsh said that Marsh Digital Labs, based in San Francisco, currently is exploring new products in the small commercial and consumer business, cyber, sharing/gig economy, autonomous vehicle, and workers' compensation sectors. It also will continue to build and collaborate with industry, academia, and open-source initiatives.
Marsh recently joined the Enterprise Ethereum Alliance and is experimenting with Hyperledger and other blockchain technologies.
Marsh Digital Labs is headed by Asha Vellaikal, who joined Marsh last August and has worked at Orange Labs and startups in the Silicon Valley.
Marsh Digital Labs' approach is to leverage cloud-based platforms to build new capabilities, reusable components, and test-and-learn tools. “The Labs 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.