Marsh remedies business continuity and crisis risks
Business continuity and crisis management planning are among the top concerns of corporations in today's world. As the leading insurance broker and risk management adviser with a legacy of nearly 60 years in Asia and more than 40 years in Singapore, Marsh helps clients succeed by defining, designing and delivering innovative, industry-specific solutions.
Business continuity and crisis management planning are among the top concerns of corporations in today's world. As the leading insurance broker and risk management adviser with a legacy of nearly 60 years in Asia and more than 40 years in Singapore, Marsh helps clients succeed by defining, designing and delivering innovative, industry-specific solutions.
"Singapore is an attractive nexus for the insurance and reinsurance sector, and as the leading insurance centre in Asia, it is well-placed to serve the burgeoning insurance needs of the region. Many Asian risks, including entire large reinsurance programmes and speciality risks, can be fully placed in Singapore," says Iris Teo, CEO of Marsh Singapore, the global firm's fully owned regional hub in Asia with more than 300 employees.
"As the leading insurance broker and risk adviser in Asia, Marsh is well-poised to tap into the region's vast potential. Being fully equipped with reinsurance broking capabilities means that we can help with the placement of risk for businesses coming into Singapore, while catering to the needs of multinational companies that are setting up their regional operations in Singapore," she adds.
Marsh pushes the vanguard of innovations in analytics and risk management to deliver best-in-class solutions for its clients through Marsh Analytics. The concept behind Marsh Analytics is to allow clients to make informed decisions about what insurance to buy, how much to buy and what level of protection is provided. Using its extensive loss data library, combined with a client's own loss data, Marsh is able to construct accurate loss distributions and then examine the effect that the purchase of insurance has on those distributions.
"Insurers have been using advanced statistical techniques for many years in order to consider what risks to take and at what price," says Richard Green, head of Marsh Analytics, Asia. "We put that same technology in the hands of our clients, thereby enabling a more sophisticated conversation with the insurance market."
Another innovation that Marsh has embarked on is in the area of workforce strategies. The firm has established a Workforce Strategies (WFS) team in Singapore. The first of its kind among insurance brokers, the WFS team collaborates with employers on sustaining productive and injury-free workplaces, and clearing the way for solutions to issues such as an ageing workforce. The approach had earlier been proven in Hong Kong and Australia, where workers' compensation claims and associated premiums were reduced by 30 per cent over a three-year period.
"A recent survey conducted by our WFS team found that 87 per cent of the employers surveyed grapple with the challenge of finding, engaging and retaining a productive workforce. Marsh is working with companies across all sectors in Singapore to identify and find solutions to these challenges," Teo says.
