The complexity and volatility to which shipping is exposed on a daily basis require financial service providers to have up-to-date knowledge and a strong presence. Shipping never sleeps, and problems arise without prior notice.
The concerns about artificial intelligence
Traditionally, knowledge is acquired through training, gaining experience, self-study, and pooling expertise to come up with effective solutions for the customer. Should we continue relying on this ‘real intelligence,’ or should we embrace the addition of Artificial Intelligence (AI)?
Unfortunately, too often we hear that AI is all about time and cost savings. So there is apparently a tendency to replace ‘real intelligence’ with ‘artificial intelligence’. This seems to us a worrying development for the quality of maritime services.
IMU’s commitment to real intelligence
At IMU, we train people to deliver ‘real intelligence’ with passion, empathy and knowledge. In this, we consider collaboration with our brokers, clients and external service providers very important to achieve the best solutions through a collective knowledge approach.
Of course, we cannot close our eyes to technological innovations in marine insurance. The scope of AI is vast, and considering the billions in investments, it is ‘here to stay!
This is a new wave of digitalization, where critical questions must be asked about how AI can enhance knowledge through data analytics, while the role of knowledge replacement remains secondary to human, real intelligence.
The role of innovation in marine insurance will always be there and is necessary to manage all the changes.
AI in marine underwriting practices
Is AI technology reshaping marine underwriting practices? Denial is dangerous. Misapplication is also dangerous. We think it is important to have a clear separation between ends and means. The goal remains the same: serving the maritime customer with expert advice and a personalized approach. This is where AI can be a tool to add value to human knowledge, and it may even help save time. The faster and better we can assist our customers, the more effectively they can mitigate their commercial risks.
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