- Artificial Intelligence (AI) is rapidly advancing and is expected to transform the marine insurance sector, creating both major opportunities and challenges.
- AI-driven solutions are already streamlining fragmented maritime documentation and are set to revolutionize processes from pricing to claims handling.
- Ethical considerations remain crucial, with industry leaders stressing the need to train AI responsibly to avoid bias and ensure trust.
Artificial Intelligence is poised to reshape marine insurance, as highlighted during the International Union of Marine Insurance (IUMI) annual conference in Singapore. At the Innovation & Technology Workshop, Rahul Khanna, Chair of IUMI’s Data & Digitalization Forum, emphasized the speed of development:
“AI in our sector is moving extremely rapidly. The progress seen in the last year alone equals the advances of the previous five years combined. If we don’t adopt this technology now, we risk falling behind. In five years, our working environment will be unrecognizable.”
Opportunities for transformation
Delegates were told that the maritime supply chain is primed for innovation, with AI helping to address long-standing inefficiencies. Fragmented and inconsistent documentation has been a significant issue, but AI-driven tools are now streamlining the way documents are created, transmitted, and stored. In marine insurance, AI is expected to bring brokers and underwriters closer together, creating new synergies. Applications in pricing, claims handling, and risk assessment highlight AI’s potential to become a cornerstone of the industry’s evolution.
Risks and responsibilities
While the opportunities are vast, Khanna cautioned that AI must be developed and applied carefully. “AI is a learning tool — it learns from us. We must ensure it is trained ethically and without bias, whether conscious or unconscious,” he said. He added that this IT revolution is already reshaping daily life by improving processes and freeing up time. Marine insurers, he urged, must embrace AI with an open mind while taking responsibility for building trustworthy, ethical models that reflect the industry’s values.
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Source: Marine News Magazine
