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Marsh Inc. (“Marsh”), an operating subsidiary of the Marsh & McLennan Companies, Inc. (MMC - Analyst Report) launched a new, innovative product called CloudProtect in order to mitigate the risks associated with cloud computing. It has been developed in association with some of the biggest cyber risk insurers.
The company seeks to provide personalized risk transfer solutions to the insured for revenue loss and increased expenses due to some blunder at the end of the cloud service provider. One of the major benefits of availing CloudProtect is that it they ensure repayment of expenses incurred by the insurer while shifting to a new service provider.
A facility like cloud computing allows the efficient use of technology in providing a single space for storage, memory, processing and bandwidth. However, problems due network interruptions need to be overcome.
However, the technology comes with certain disadvantages such as cyber attack, insolvency, network interruptions or other such events. The insured will be in a vulnerable position if the service provider fails to provide the promised services under the prior mentioned conditions.
Aon Corporation (AON - Snapshot Report), the closest competitor of Marsh & McLennan, has been offering similar cloud services for quite some time. RIScloud is the technology used by Aon eSolutions to provide risk, insurance and safety to its clients.
However, Marsh & McLennan has a history of outperforming its peers due to its size, diverse product offering, global presence and technical expertise.We retain our long term Neutral recommendation on Marsh & McLennan. It also has a quantitative Zacks #3 Rank, which translates into a short-term Hold rating.
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