Global broker Marsh has launched an insurance solution aimed at UK mid-sized firms to help them manage their critical risks more effectively, it was announced today.

Resilience, which is centred on risk management, insurance and claims, gives firms “simpler, stronger and more comprehensive protection from their critical risks,” Marsh said in a press note this morning.

“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,” Mark Weil, CEO of Marsh UK & Ireland, said.

“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,” he added. 

The solution includes insurance policies designed by Marsh which it says are simple and easy-to-follow to make coverage clear; 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; exclusive risk management services part-funded by insurers to support clients in areas such as property risk control surveys and health and safety management; and a panel of 10 insurance firms that are bound to Resilience’s policy wordings, and compete for business to drive optimal pricing and protection for clients.

The new product will enable firms to manage their risks and protect their futures from unseen events more effectively, so they can pursue growth with added confidence, Marsh said.

“Resilience helps firms get the most from their insurance,” Joe Grogan, CEO of Marsh’s corporate business, commented.

“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,” he continued.

“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.”


Related stories:
Over a third of small businesses have no budget for cybersecurity
Willis Towers Watson appoints leader for ‘high-potential’ region