Posted on: 1 July 2021
Maritime London Chief Executive Jos Standerwick has hosted another successful webinar on June 22nd. Organised in partnership with members Concirrus and Jumar, the event consisted of an interactive and live webinar and virtual networking.
The COVID-19 pandemic has not only accelerated the utilisation of big data in marine insurance KYC, underwriting and claims processes, it has made it essential to successfully conduct business in this virtual environment. This event explored how the market adapted to the new realities and discussed how this might affect the nature of the business in the medium to long term.
Nick Roscoe, Chief Operating Officer of Concirrus, who shared a presentation, said: “We are seeing a clear division in the market. Those players that continue to use old data and operate with a limited view of risk and those that are adopting vast new datasets, the best risk models and the smartest algorithms to empower their teams to make better, faster decisions and set themselves apart from the competition. In the last 18 months, accelerated by Covid-19, the divide has become more apparent.”
Ole Jørgen Eikanger, Chief Business Development Officer of Norwegian Hull Club, who participated as a panellist, commented: “One of the challenges within marine insurance is the need for data standards within to ensure seamless flow of data between the different parties – this is not as indulging as data analytics, but will be a real benefit for global marine insurance.”
Other participants included Adrian Sutherland, Chief Technology Officer of Jumar Technology, who delivered a presentation, and James Cooper, Group Managing Director, Astaara Company Ltd and Jun Lin, Vice President of Gard (UK) Ltd, who joined as panellists.
Watch the webinar here.