The marine insurance industry has been highly effective over its 300 years. However, during the last decade, it has suffered from underinvestment and a lack of innovation. With high expense ratios and low profits, the pressure to find a better operating model is inescapable.
“Investment in big data, artificial intelligence (AI) and blockchain will transform the marine insurance industry from technology laggards to trailblazers.” says Andrew Yeoman, Concirrus' CEO.
“The main impact will be on pricing, policies and placement, benefiting all players in the market, from brokers and insurers to fleet operators.”
Find out more about why the 300 year old marine insurance industry is on the cusp of a transformation in the special 'Maritime Economy' report, published by Raconteur and distributed by The Times.