Maritime industry navigates rising digitalization tides

  1. Rating Changes: For decades, marine policies have been rated on risk, using standard factors — vessel type, age, flag, tonnage. With behavior data added, one can determine factors that cause claims and potentially intercept, mitigate and reduce the claim severity.
  2. On-demand coverage: Policies that provide elastic coverage are needed. A simple example is war zone coverage. Today, this requires the customer to notify the broker, who, in turn, notifies the insurer that war zone coverage is required. This and other on-demand coverages can be automatically triggered using sensor and related technologies.
  3. Real-time placement platform for commercial risks: Examples include Lloyds PPL and solutions from EY, B3i, etc. The Internet of Things and connected technologies mean that mobile devices and sensors offer up constant streams of data. A real-time platform also allows users to extract and unlock behavioral insight from assets, leading to better products, pricing and profits.
  • Allianz Global Corporate & Specialty launched an online marine insurance service designed for UK leisure vessel owners in collaboration with Visicover. Visicover’s web-based service lets customers self-administer their cover and personalize it according to specific needs, enabling new approaches to risk rating.
  • Redkik is offering on-demand, per shipment insurance, underwritten by Chubb, for instant premium quotations at the time of freight being booked. The SaaS solution for cargo insurance is now available for transport intermediaries to distribute in Sweden. This follows a successful launch in the US in 2021.

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