’As an industry, we need to keep pace with this change, or we run the risk of being left behind,’ says data and digitalisation chair
Marine insures have been told they are set for an artificial intelligence (AI) driven revolution that will change the market and present new risks for underwriters.
That was according to Rahul Khanna, chair of the International Union of Marine Insurance’s (IUMI) data and digitalisation forum. Speaking at the organisation’s annual conference in Singapore this week (9 September 2025), he noted that the rapid pace of technological change would create new opportunities and efficiencies, but also challenges for both clients and insurers.
He explained: “AI in our sector is moving extremely rapidly. Last year saw as much meaningful improvement in AI application as we saw in the last five years combined.
”As an industry, we need to keep pace with this change, or we run the risk of being left behind. If we do not get onboard with this new technology now, it might be too late. In five years’ time, our workspace is going to look very different.”
Delegates were told that that the maritime supply chain as a whole was primed for innovation and ”a technological revolution”.
But Khanna also warned that fragmented and inconsistent documentation remained a significant pain point for the sector.
Inherent risks
AI-driven solutions are already streamlining not only documents themselves, but also the processes of sending, receiving and storing them across the marine and wider insurance sector.
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For the marine, AI-powered innovation is expected to integrate brokers and underwriters more closely. From pricing and claims handling to risk assessment, Khanna said that AI would increasingly shape the industry’s future.
However, delegates were warned that these opportunities are very likely to come with inherent risks.
He added: “Basically, AI is a learning tool and it learns from us. It is essential that we train AI in the right way and in an ethical way that avoids bias – both conscious and unconscious.
“There is an IT revolution happening right now. We are seeing AI making significant inroads in our everyday life, making things easier, improving systems and processes and freeing up time for us all.
”As marine insurers, we need to keep an open mind and embrace AI into our world. However, we also need to recognise that we will be responsible for building the AI models and we must do this ethically and conscientiously.”
While AI promises to enhance efficiency and create new business opportunities, it also places the onus on marine insurers to adopt ethical frameworks and develop responsible models to harness its full potential.
IUMI has said it will monitor the development of AI closely and would work with members to look at how best the technology could be integrated, while also identifying and understanding the risks.
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