Marine market can be transformed through insurtech

The marine insurance market could see a radical change if it embraces insurtech, according to Ben Hubbard, chief executive officer and co-founder of new insurtech company Parsyl.

Parsyl was created to improve lives and save money by providing a better way to ensure the integrity of sensitive goods as they are shipped around the globe.

Speaking at the Intelligent Insurtech Europe 2018 conference in London today, Hubbard said that the increased use of technology in the monitoring of shipping containers can transform the way that such containers are insured, by providing companies and insurers with real-time information about their status, ranging from temperature to status or damage.

This can be done by using low cost devices to record data, with sensor data being transmitted via bluetooth wireless devices to the cloud. Although there are inevitable connectivity issues, a huge amount of data could be created, that could also inform companies about issues like when is the best time of year to ship certain temperature-sensitive goods.

According to Hubbard, this can potentially change marine insurance into a specialised value-added product, changing it from the old ‘ship and pray’ method, by which containers are shipped in the hope that they will arrive intact, to a more cost-effective and adaptable method of insuring goods.

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