Marsh Asia has been at the forefront in providing tailor made solutions for its different client segments. The broker’s thought leadership and deep understanding of markets have benefitted the insurance markets across Asia.
In 2021, Marsh further expanded its strategic talent pool, risk advisory capabilities and risk transfer solutions, aligning to specific industry needs to address pertinent risk management challenges.
The broker continues to strengthen its presence in Asia to support clients’ need for data-driven risk solutions and to help organisations build resilience and insurability in areas of ESG, cyber and business continuity. Its ESG risk rating tool, a first of its kind self-assessment tool in the insurance industry that scores a company’s ESG performance across 18 themes, has received over 600 client requests and produced more than 50 scorecards.
To help organisations improve their cyber risk profile, loss ratios, and insurability, Marsh developed cyber selfassessment (CSA), which provides better visibility of cyber vulnerabilities, accurately assess the implementation of cyber controls and enable actions to address these threats.
More than 140 organisations in Asia have participated in the CSA since 2021.
In its quest to support the clean energy transition, Marsh was named one of the main partners for Sun Cable’s Australia-Asia PowerLink — the world’s largest renewable energy project — that will provide solar energy for 15% of Singapore’s power needs. The broker also appointed a regional automotive and electric vehicle (EV) industry leader to focus on engaging insurers to implement innovative risk transfer solutions that go beyond traditional auto coverages for EV manufacturers.
Marsh launched its thought leadership and advisory campaigns related to critical risks, including P&C, business continuity, D&O and trade credit, through which it educated 500+ risk managers via webcasts and received 200+ requests for risk assessments.
Marsh’s tools and solutions play an influential role in helping organisations in Asia navigate volatility and build resilience amid emerging risks and a hardening insurance market, while partnering with insurers to adapt their offerings to meet evolving market needs.
Prudent Insurance Brokers Pvt Ltd
Prudent Insurance Brokers once again captured the attention of the judges for its all-round performance and hands on approach to its clients’ and market needs.
Over the last year, Prudent has taken multiple steps to enhance customer service, use modern techniques and technology, upgrade its skills and team and help move the industry and itself forward. In 2021-22, the firm registered 23% organic growth, which is significantly higher than the market growth rate of 11%.
In the midst of the pandemic, Prudent managed to transition 40% of its workforce by replacing it with more agile colleagues who are more capable in the use of data analytics and technology. This has happened without the termination or layoff of a single team member.
Prudent launched project Phoenix last year with a batch of 20 professionals who have three to five years’ work experience in hospitality, banking, or aviation and are ready to commit to a long-term career in insurance broking. After a rigorous training programme and one year of job rotation, team members chose a stream they felt comfortable in.
Some of its notable achievements over the past year include:
- Leading the Indian market in placing the largest public offering of securities insurance and advising more than 25 companies in their listing process
- Leading the Indian market in placing the largest brokered flexible benefits programme in India with more than 60,000 employees and $20m in premium, bringing need based, personalised and flexible options to suit the life stages of employees
- Brokered the largest global credit insurance programme in India with over $3m in premium and covering the risk of global subsidiaries across 65+ countries
- Managed and successfully assisted the insured in settlement of one of the largest business interruption claims under a cyber policy in record time