“The current pandemic has accelerated this process and marine insurers and underwriters need to upgrade their skills and embrace digitalisation to minimise the risk of becoming redundant in the future.”
Historically, traditional underwriting practices have relied on scant risk data and manual processes which have resulted in inadequate risk assessment in many instances.
Jafza, Federation of Israeli Chambers of Commerce Sign MoU
Digitalisation can address this, as Ms Kern explains further: “Digitalisation optimises the supply chain and offers a more sustainable future. It allows for a total re-thinking of the way that the logistic industry operates.
“Thanks to evolving client data lakes and the adoption of advanced technologies, new opportunities have opened up also for insurance companies to improve the service we deliver to our customers.
“Our industry is a people- business, with personal relationships at the heart of what we do, but COVID-19 has shown us that we can still maintain these relationships whilst embracing new technologies.”
Ms Kern also highlighted how the use of big data and digitalisation is not without its risks and pitfalls. The insurance industry is highly regulated and marine insurers must operate within many legal and compliance frameworks.
The Data and Digitalisation Forum is the newest IUMI Forum and was established to reflect the growing importance of new technologies.
IUMI continues to raise awareness and share information on the key trends, challenges and opportunities arising from enhanced data and digitalisation.
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