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Instant Insights / Specialty & Surplus Lines

The surplus lines market plays a critical role in the insurance ecosystem by providing coverage for hard-to-place and specialized risks. For WSIA’s 2020 Annual Virtual Marketplace from September 10-17, read up on the unique lines and market trends impacting the specialty and E&S industry.

Analysis

Getting commercial maritime claims on the fast track

What are the advantages or values of fast-tracking high-frequency, low-value marine cargo insurance claims via AI?

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Commercial cargo ship. The most effective way to move forward is to take baby steps, focusing first on high-frequency/low-value claims (fast-tracked claims) in which stakes are not as high as they are in bigger claims. (Photo: Shutterstock)

It has been said that data is the new oil; I propose that data with artificial intelligence (AI) is the new electricity. With data entered and processed by a “machine” via AI, there is more accuracy and clarity. Let’s look at how AI can powerfully affect the progress of any enterprise, such as insurance.

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