More than four in 10 (44%) marine insurance claims managers say that the biggest challenge they face is that the claims process takes too long, according to the findings of a survey by AI-driven marine insurance platform Marine Judge.
Speaking at the Asia Insurance Review Virtual Claims Summit yesterday afternoon, Marine Judge CEO Soto Skinitis said that only 48% of marine claims managers are satisfied with the insurance claims process.
To resolve the situation, many managers are looking to switch to underwriters offering InsurTech solutions.
The survey reveals that there is clearly a lot of dissatisfaction among those managing marine insurance claims, and technology is key to solving many of their issues.
“AI and automation can reduce the amount of time and cost it takes to settle marine insurance claims by half,” said Mr Skinitis.
He added that the increasing claims volumes across the maritime sector has resulted in companies increasingly adopting digitisation in the marine claims and insurance marketplace.
“Most insurers in the marine market have started using AI and automation to crunch data and to better handle claims,” he said.
The global marine market is under threat due to outdated practices and changing weather patterns. The marine insurance industry worldwide paid out claims amounting to $29bn in 2020 and this is expected to rise substantially in the future.
Marine Judge was launched to boost the shipping industry’s access to reliable, well executed marine claims solutions. The platform uses AI and Natural Language Processing to rapidly read, assess and make a judgement on submitted claims that creates operational efficiency and gathers data for pattern recognition and benchmarking.