A recent survey conducted shows 44% marine insurance claims managers says that the biggest challenge they face is long claims process. Leaving only 48% satisfied with the process. To resolve the situation, many managers are looking to switch to underwriters offering insurtech solutions. The survey reveals clearly that technology can solve off the issues marine claims manager faces at the moment.
Most insurers in the marine market have started using artificial intelligence and automation to crunch data and to better handle claims.
The global marine market is under threat due to outdated practices and changing weather patterns. The marine insurance industry worldwide paid out claims amounting to $29billion dollars in 2020 and this is expected to rise substantially in the future.