Marine Risk Underwriting In The Scope Of Artificial Intelligence

Some insurers are considering how artificial intelligence could help underwrite marine risks. Although big data has been around for years, “what has changed with AI is just using bigger more disparate data sets which go across different domains — for example using social media, using weather data, using all kinds of other data,” said Aditya Kaul, lead analyst for research firm Tractica, in a recent interview. A tech vendor in the AI space may offer, “for example, for one ship, 1,500 points of data that they would kind of collect and find trends over the course of a year and present that to an underwriter,” added Simon Main, technical director of underwriting at North Protection and Indemnity Club, a British insurer that offers marine insurance — including to Canadian firms on a non-admitted basis.