Marsh announces new risk and insurance offering for UK market
Written by staff reporter
Marsh has announced the launch of a new insurance solution for mid-sized firms in the UK. The firm says the new offering, simply dubbed ‘Resilience’, has been designed to provide a “simpler, stronger and more comprehensive protection from [clients’] critical risks”.
Centred on risk management, insurance and claims, the new offering features simpler, easy-to-follow insurance policies designed to clarify coverage, improved protection against major threats, including cyber risk, a contractual commitment from insurers to adhere to strict timescales for the handling and payment of claims, enhanced claims preparation and advocacy services and exclusive risk management services, part-funded by insurers, to support clients in areas such as property risk control surveys and health and safety management.
As part of the new offering, a panel of 10 insurance firms will be bound to Resilience’s policy wordings, and compete for business to drive optimal pricing and protection.
Mark Weil, CEO, Marsh UK & Ireland, said: “Mid-sized firms’ risk needs have become increasingly complex in recent years, yet the insurance market has not focused on this crucial sector of the UK economy. Resilience is designed specifically for mid-sized firms. It offers simplified and price-tested insurance, as well as risk management and claims support, so that clients are clear about what’s covered and can get the support they need.”
Joe Grogan, CEO, Marsh’s Corporate Business, added: “Resilience helps firms get the most from their insurance. Working with a panel of insurers, we have been able to negotiate benefits for clients that haven’t traditionally been available as standard, such as simplified business interruption cover, to more accurately reflect the value of the actual loss sustained, and flexible cover options that address a wider range of cyber risks.
“Insurance needs to be more than just a passive policy waiting for a claim to happen. With Resilience, we can enable mid-sized firms to manage their risks, obtain simple and comprehensive insurance that often goes beyond what is currently available, and be confident that claims will be dealt with as quickly as possible.”