How might technology affect the marine insurance industry?


Now, Callum O’Brien, of The Standard Club, reviews the changes underway in the marine insurance market, thanks to new technology, from a P&I Club perspective

The marine insurance and shipping industries have been slower to react to advancement in technology when compared with most others. Both are very traditional in the way they do business and have been resistant to technological change. Marine insurance is still transacted traditionally, through face-to-face conversations between brokers and underwriters. As a contrast, your car, house and life insurance can now all be bought online and quotes compared at the push of a few buttons. Consumers are able to benefit from reduced premiums if they agree to a “black box” being put in their car, transmitting data back to the insurer. Conversely, ships still typically create mountains of paperwork just to move a container from one port to another.