The challenges of digitalising marine insurance explored

Lars Lange, of IUMI, discusses the challenges of one of the oldest trading sectors in the world, and the oldest insurance class, moving into the 21st century and digitalising its operations

Marine is the oldest facet of the insurance industry and perhaps that is why our sector has been slow to adopt new technologies. But now a revolution is underway. Data and digitalisation is poised to transform marine insurance making it more attractive to investors, corporates and - crucially - the next generation of marine underwriters. But we fully understand that individual companies can only go so far in isolation. True "disruptive" innovation will require close collaboration and partnerships and marine insurers must not get left behind.