Thursday, December 17, 2020

Marine Insurance Claims Survey Reveals Where Dissatisfaction Lies in the Sector

Use of AI Technology May Help Speed Up Process
Shipping News Feature

UK – WORLDWIDE – It will come as no surprise to anyone who has ever been involved in one, that an online survey last month revealed 44% of managers involved in maritime insurance claims say the biggest challenge they face is the claims process itself taking too long, indeed one might even expect the figure to be higher.

Further complaints included the cost of the process (32%) and 20% who cite poor communication with insurance staff. The figures come from Marine Judge, a company which uses artificial intelligence (AI) systems on its Marine Insurance Platform, an industry sector which unfortunately seems to have spawned yet another new word to describe itself, the self-explanatory, insuretech.

Marine Judge concludes that insurers in the maritime market may have to start offering more of such solutions as 36% said they are quite interested in exploring use of the technology and because 28% of claims managers interviewed said it is very likely that if they use this, but their current underwriters don’t, they would move to ones that did. Nearly half (48%) said it was possible that they would move because of this.

Marine Judge, which uses AI and Natural Language Processing to read, assess and make a judgement on submitted claims, says this creates operational efficiency and gathers data for pattern recognition and benchmarking. Soto Skiniti, company CEO, commented:

“Our research shows that there is clearly a lot of dissatisfaction amongst those managing marine insurance claims, and technology is key to solving many of their issues. Insurtech can reduce the amount of time and cost it takes to settle marine insurance claims by half. As the insurtech sector matures, we see its adoption rate with the marine claims and insurance marketplace increasing dramatically.”

The survey consisted of twenty eight marine claims managers interviewed virtually in November 2020.