Over 85% of global trade is done by sea. Container shipping vessels are steadily increasing in size creating significant risk exposures to shipping lines and cargo insurers. In the event of a maritime peril, a cargo underwriter will compensate an insured and claim reimbursement from the shipping line through the principle of subrogation. This claims process is complex, expensive and lengthy.
Our innovative solution seeks to reduce the complexities involved in handling such cases by leveraging intelligent agents to predict case settlement outcomes, reduce the recovery life cycle and costs involved and also provide new insights to both shipping lines and cargo insurers on their risk exposures.
The overall objective of this study was to confirm our hypothesis through the use of wire frames to map the physical claims process between both sides, innovate on the processes involved in lodging and visualisation of claims on an MVP and understand the data sets and technologies to be used for automatic settlement prediction.