There are a number of complexities within the cargo market that need to be considered when digitalising insurance in this line of business. Complexities include:
This guide to digitalisation in the marine cargo market explores a new approach that will allow practitioners to increase efficiency, improve profitability and develop new products and services.
Whilst the transition to a new risk model takes time below are the high-level steps needed to achieve a new risk placement model for the cargo market:
Loadsure integrates Concirrus’ Quest Marine Cargo platform into its offering to draw on a wealth of insights and automate outcomes. It specifically allows for sustainable and profitable underwriting in real-time. Such technological advancements are being embraced by Lloyd's, with Loadsure becoming part of the Lloyd's Lab 2020 cohort.
“Cargo is complex, both in its use of a traditional placement model and its associated exposures. We leverage innovation alongside partners, such as Concirrus, to create a proposition that reinvents and simplifies transactional placement, driving value for all parties.” – Johnny McCord, CEO, Loadsure.
Utilising Quest Marine Cargo, we can better understand the overall view of sea-based trade going in and out of the United States for a corporate manufacturer of consumer goods. It gives rise to new levels of exposure which are not typical using typical methods. Variables explored include route, port, country, shipment, commodity, and company exposure.
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The collective impact of data-driven features within a shared digital platform could transform the way marine cargo insurance operates.
The rate of change in the next few years will be significant.
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