Technology and data have pushed an immediate restoration for the marine insurance market. The pandemic has accelerated the implementation of digital technologies that could potentially invigorate a historically lethargic market, according to a Re/insurance Lounge panel.
It is time to embrace the changes that COVID-19 has compelled the industry to make, says a panel of industry authorities who believe that a number of changes and opportunities are to be expected in the long term. Demand for digital technology is on the rise and changing the way that insurers conduct business.
These views came to light during a panel discussion held on Intelligent Insurer’s Re/insurance Lounge, an online platform where interviews and panel discussions are held live on a weekly basis with content available on demand. The session also covered wider trends in marine insurance.
“There have been a number of changes including how data is being used from a risk management perspective but also finding a right price and premium,” said Richard Turner, president of the International Union of Marine Insurance.