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The route to automation for ocean marine claims

Is the 350-year-old ocean marine insurance sector ready for automation?

“Now the question is how to apply AI to make it end-to-end automation? Human resources could then be fully utilized in the handling of complex claims,” Jose Guerrero, of Virtual Claims Services, Inc., said. (Credit: Travel mania/Shutterstock.com) “Now the question is how to apply AI to make it end-to-end automation? Human resources could then be fully utilized in the handling of complex claims,” Jose Guerrero, of Virtual Claims Services, Inc., said. (Credit: Travel mania/Shutterstock.com)

Although a spate of container-lost-at-sea incidents have occurred in the past few months, around 70% of ocean marine cargo claims have less than $10,000 in losses, according to Jose Guerrero, president of Virtual Claims Services, Inc., making the sector ripe for no-touch automation.

“Most marine cargo claims are not complicated as far as data analytics go since there are only four critical documents in claims handling: the bill of lading, commercial invoice, certificate of insurance, and exception receipt,” he told PropertyCasualty360.com. “You can put the commercial invoice on top of another shipping document, such as the bill of lading, and they mirror each other.”

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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