New research from Marine Judge – the AI Driven Marine Insurance Platform – reveals that 44% of managers involved in maritime insurance claims say the biggest challenge they face is the claims process itself taking too long. This is followed by one in three (32%) who say it is the cost of the process, and 20% who cite poor communication with insurance staff.
This helps explain why just 48% of maritime claims managers say they are ‘satisfied’ with the claims process, and 20% say they are dissatisfied with it. The findings reveal that just 8% of respondents say they have used insurtech applications to assist them with claims, but 52% are ‘very interested’ in exploring their use as they look to cut down on the time and expense it takes to settle claims. A further 36% said they are quite interested in exploring opportunities here.
Insurers in the maritime market may have to start offering more insurtech solutions because 28% of claims managers interviewed said it is very likely that if they use these 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.
Soto Skiniti, CEO of Marine Judge said: “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.”
Marine Judge was launched to boost the shipping industry’s access to reliable, well executed marine claims solutions.
This global marine market is under threat due to outdated practices and changing weather patterns.
Marine Judge uses Artificial Intelligence and Natural Language Processing to rapidly read, assess and make a judgement on submitted claims. This creates operational efficiency and gathers data for pattern recognition and benchmarking.