Sponsored content: Alan Munro, chief information officer at Gallagher Bassett company W K Webster, explains why insurers must stay ahead of the curve in a changing claims arena
The future of claims management will not be found within the constraints of traditional claims handling, but with the adoption of forward-thinking claims automation and data-driven tools.
Without technological innovation, insurers risk falling behind in the complex and fast-paced world of global marine claims management.
The management of global marine cargo claims is becoming ever more intricate as insurers operating internationally contend with supply chain disruptions, regional variation in legislation and uncertainty around tariffs and trade sanctions.
While specialist knowledge is crucial for navigating the current marine and transit landscape, it alone may not suffice. In today’s challenging trade environment, technical capability determines consistency, stability and efficiency.
As one of the world’s most experienced marine claims management providers, W K Webster places insurtech at the core of its claims service offering.
Our strategic objective is to combine global claims knowledge with advanced technologies to optimise claims handling efficiencies. ClaimsConsole, our proprietary tool, has modernised operations by streamlining processes, giving clients access to powerful insights and improving outcome consistency.
Our ClaimsConsole technology is a cloud-based reporting system providing constantly accessible data analytics and seamless integration with client systems. This data empowers our clients to thoroughly analyse their risk profile and make informed decisions regarding risk acceptance and appropriate premium levels.
Tightening margins
As global trade volumes increase and transit margins tighten, the future of claims will involve more high volume and small value losses – a category which traditional claims handling approaches have seldom resolved economically.
ClaimsConsole addresses this issue by embracing both artificial intelligence and system logic to automate pressure points in the claims handling process. This enables our team to move quickly and provide cost effective claims management.
Our industry is well aware that greater reliance on technology introduces new risks like cyber threats, fraud and business disruption. While our sector is resilient, it’s certainly not immune to these threats, which is why partnering with a provider who has strong cybersecurity acumen is essential to an insurer’s success.
Insurers should look to future-proofed claims managers with natively developed technical solutions and a certification in information security.
Technologies like blockchain-based document exchange, decision support tools and AI-enhanced cargo photo tagging are equipping claims managers to handle emerging cyber threats more effectively in the future.
While technological innovation is revolutionising the way marine and transit claims are managed, it does not diminish the fundamental importance of specialist expertise.
The best results are achieved when advanced digital solutions are integrated with a comprehensive understanding of the sector. Only experienced professionals have the adaptability and judgement to consistently turn complex claims into positive outcomes.
In a rapidly changing risk and business environment, claims service providers that enable their specialists with cutting-edge technology will define the standard for success moving forward.
- For more information about W K Webster’s insuretech innovations, click here.
