Imagine a marine risk submission arriving with the key information already structured, validated and ready to use.
Vessel schedules, insured values, exposure details, prior claims, premiums and supporting documents are captured once and converted into consistent data that can be read by the receiving party’s systems. Instead of interpreting attachments, re-keying information or reconciling different formats, the carrier can review the submission through a data-led workflow. The underwriter starts with a clearer view of the risk, supported by usable data rather than fragmented documentation.
This is the direction marine insurance can move towards. A key message from last year’s Marine Insurtech Summit was that the next level of digitalisation will not be achieved by improving individual systems alone. The bigger opportunity is to enable better interaction between market participants. Brokers, carriers, reinsurers and service providers all depend on many of the same data points, and the value increases when that data can move securely and consistently between them.
To get there, the industry needs a shared way of describing insurance data. Common data models can help ensure that key information such as vessel schedules, exposure details, premium data, claims information, endorsements and accounting messages are understood in the same way across organisations and platforms. This does not require every participant to use the same core system. It requires systems to speak a common language.
The next requirement is a practical exchange mechanism. Data must not only be structured; it must also be transferable. Agreed message formats, validation rules and secure transfer methods can allow information to move from one platform to another with less manual intervention. This creates a better starting point for quotation, binding, settlement, claims handling and reporting.
For carriers, the benefit is more efficient underwriting and administration. Underwriters can spend more time assessing risk, setting terms and making commercial decisions, and less time checking and correcting basic information. For brokers, the benefit is a smoother process, faster response times and less duplication when working with multiple markets. For the wider ecosystem, the benefit is interoperability: the ability for different systems and parties to work together more effectively.
This is also an important foundation for automation, analytics and AI. These technologies depend on reliable data. When information is structured from the start and exchanged through agreed mechanisms, it becomes far easier to use it for insight, decision support and process improvement.
Parts of the industry has or are moving to have the technology and organizational capability to take this step. The next level will come from aligning around common data models and practical exchange mechanisms. That is how the industry can simplify broker-carrier processes and build a more connected, scalable and efficient digital operating model.
