Game perspective: a reflection on the contribution of technology to Marine Insurance
During my childhood I played basketball at a competitive level for a long time, being part of my town’s, my school’s, and even a military league’s team, although I was not actually part of the army.
As a player, I developed the position as a point guard, and my main duties were to lead, organize and control the rhythm of the match depending about the game.
One of the tips I received the most during that time was: “you must keep the whole perspective of the game”, to be able to go forward in the area or enable a player to score.
Today, after so many years of retiring from the field, that same advice is still applicable to the position I currently work at, which is adjusting and liquidating claims. It is important to be aware to the loss reserves, their coverages; the underwriter should know about the form and timing of the claim, as well as its status. Again, “keep the whole perspective of the game”.
The question we might ask ourselves very often is how to achieve this? In what way can you keep calm all the involved parties in a claim? I certainly do not have a unique solution, however something that has always helped me is technology.
Several times we are surprised by technological advances, and we see our good friends from engineering and insurance using them a lot. However, how has technology helped the Marine industry?
There are some elements that help us determine the exact location of a shipping, its refrigeration status in real time, and some tools that allow us to perform a virtual survey or an immediate adjustment.
What is missing to be able to have a whole perspective of the game? All along my journey I have encountered many difficulties about, for instance: how do we entry this claim? What is the cost? In what way am I benefiting from this tool? Undoubtedly, the general adoption of more technological tools, and the efficient storage and management of data will be a game changer to the business, and it will allow us to take better decisions in a shorter time.
I would like to invite all of you to take that step, that one we know we are missing, and adopt technological tools to the marine insurance market, so we are able to know every detail of the situation. This way we will be able to, not only see the future, but living it.
As Michael Jordan once said: “Talent wins games, but teamwork and intelligence win championships”.
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