The marine insurance industry needs to embrace data better if it is to successfully implement ESG aspirations.
- Rapid advances in machine learning and Artificial Intelligence (AI) mean that ESG assessments can be embedded into business workflows.
Marine insurers need better data for ESG, reports IUMI.
Big Data And Digitalization
The Big Data and Digitalization Forum was inaugurated in 2018 comprising marine insurance experts from different lines of business, IUMI Professional Partners active in the digital area and data analytics, and representatives from technology market leaders to assure a wide spectrum of perspectives is represented in the Forum.
Patrizia Kern, Chairperson of IUMI’s Data & Digitalization Forum held in Chicago said that the marine insurance industry needs to adopt data adequately if it wants to successfully enforce ESG goals.
The convention attendees heard instances of how data can be used to specify trends and geographical hotspots for marine losses, high-risk ports indexed to warn shipowners, and directed loss deterrence training is undertaken based on the insured’s claim performance and human rights due perseverance to confirm that insurers have a comprehensive image of their consumers’ actions. Immediate progress in machine learning and Artificial Intelligence (AI) mean that ESG estimations can be ingrained into business workflows.
Patrizia Kern accentuated that “ESG is here to stay: over 92% of the S&P Global 500 companies now report on their ESG metrics and marine insurers are catching up fast. But ESG is meaningless unless it is substantiated by verifiable data. We have an opportunity to transform the marine industry and make it more attractive for investors and attract a new generation of socially conscious marine underwriters.
We need to be ready to share more information and standardized this data if we are to fully realize the benefits of taking an ESG stance.”
Did you subscribe to our daily Newsletter?
It’s Free! Click here to Subscribe.