The use of data and technology in the marine insurance industry has taken great forward steps in the last decade. In an industry often portrayed as being more comfortable with tradition rather than disruption, there is a realisation that the vast amount of information available out there has huge value – if properly harnessed.
There are two key areas where we in North’s loss prevention department have really embraced the use of technology by partnering with innovative and forward-thinking companies.
The first concerns how we as an insurer can best assess the risk of the vessels we cover and any potential new business.
Traditionally, we used simple, but nonetheless effective, metrics such as historic claims performance and regulatory compliance performance (such as port State control inspection deficiencies and detentions) to help us evaluate the risk a vessel, a fleet or an operator presents.