Digitalisation in Marine Insurance is one of the hot topics on the agenda for the International Union of Marine Insurance (IUMI) annual conference in Cape Town this week and according to IUMI President Dieter Berg, the industry is up for the change.
In the conference edition of IUMI Eye, Dieter noted that the insurance industry was making progress in meeting the needs of the changing maritime industry.
He also commented that: “As Industry 4.0 and the Internet of Things (IoT) become widespread, insurers will have access to unprecedented volumes of risk-relevant data.
“By improving data analytics, artificial intelligence and machine learning, we can turn the raw data into invaluable knowledge.
“This will enable us to introduce pre-emptive risk-mitigation measures, reducing the claims burden and allowing us to improve the quality and accuracy of our pricing," Dieter said.
This will be the topic that our CEO Andy Yeoman will speak about in Dieter’s President’s workshop on Wednesday - specifically, how big data and blockchain technology will drive changes in pricing, policies and placement.
If you’re there, don’t miss it. Here’s a sneak peak:
By improving data analytics, artificial intelligence and machine learning, we can turn the raw data into invaluable knowledge - Dieter Berg, President IUMI.
Concirrus Pre-Sales Support Manager Matthew Madahar is also on the ground in Cape Town.
A member of IUMI’s Digitisation and Big Data working group, chaired by Patrizia Kern, Head of Marine for Swiss Re Corporate Solutions, Matt met with the rest of the group on arrival in Cape Town on Sunday.
Matt says, “This was a great opportunity to share thoughts on how we can bring digitalisation to marine insurance.”
“My main takeaway - there's a lot of work to do, but everyone is looking to work together with technology companies like Concirrus to help move the market forwards which is encouraging.”
Also check out our article on Machine Learning for Marine Insurance also published in the conference edition of IUMI Eye.
Concirrus CEO Andy Yeoman arriving at IUMI 2018
The team were greeted with beautiful blue skies over Table Mountain on arrival!
A local welcome at the 'First Timers' reception