Although the first kind of insurance was maritime, the business has evolved significantly since then. The globe now boasts fresh hazards, fresh possibilities, and fresh ideas. Ms. Elizabeth Gill from Sedgwick looks at how companies could stay current.
Beginning 3000 BCE, when ancient Babylonian and Chinese traders sought means to reduce the hazards of their sea travels, maritime insurance has a long and worldwide legacy.
Since then, the idea has changed and updated in line with commerce and global industry, covering a broad spectrum of dangers from hull and machinery to cargo and responsibility.
Particularly in Asia, marine insurance is in many respects still a time-honoured custom, even if the boats, tools and technology have evolved. How could insurance leaders respect the history and bring fresh ideas and expansion into the hull and maritime sectors?
Certified professionals: industry standards bearers
For vessel owners, the marine trading sector entails high risks. Among the possible hazards that may throw off the low of cargo driving the world economy are unpredictable seas, rugged coasts, and congested ports. For vessel owners, marine and hull claims provide financial defense against the great expenses of repairs, replacements, and even entire losses.
Policyholders in high-risk trading should be serviced by competent, authorized adjusters maintaining strict standards of care. Globally knowledgeable in this field of insurance, experienced TPAs should ensure accurate estimates, hull or cargo concerns are not missed, and policyholders are appropriately insured.
Along with developing new skills like in-house maritime surveying in Indonesia and Malaysia, Sedgwick has sought for professionally qualified adjusters as we expand our teams in Asia over the past year.
Managing all kinds of maritime and transportation claims, from big, complicated losses to low cost/high frequency claims, our trained adjusters have more than thirty years of expertise.
Stay ahead of hazards
Ships navigating the seas run a variety of hazards that might cause damage and disturbances capable of causing losses well beyond their physical hull. To completely safeguard the interest of policyholders, marine professionals have to be ready to foresee and evaluate resulting harm in a claim, including fraud or loss of business disruption.
Particularly, fraud is on the increase in Asia, including maritime claims, not limited to Dedicated fraud specialists in Malaysia and Indonesia who work aboard boats and with policyholders to identify growing fraudulent activities and notify the relevant regulatory agencies.
Additionally, helping to reduce hazards like fraud is training and education for marine ecosystem partners. Corporate clients, banks, local maritime transportation associations, and market sectors have found great value in the insights of our professionals on subjects like risk exposures and regulatory situations.
Dedicated risk improvement meetings with specific maritime clients may also greatly lower expected risk events like fraud and losses from business disruption.
Instant client assistance
Insurance professionals in a field as erratic and wide-ranging as marine must be ready to meet policyholders where they are and help through any difficulty.
Among the events a ship might experience at sea are collisions with other boats, groundings on rocky coastlines, fires and equipment problems; these can occur at any moment.
Although technology tools are useful, in the maritime industry of today, the human factor is still essential for navigating these kinds of claims. Policyholders search for the in-language, real-time advice and direction of claims managers with regional understanding to assist them.
Sedgwick offers a best practice dedicated 24/7 service line whereby policyholders may contact and chat with a maritime specialist on standby. Our duty is to be there for customers who, when they call, find solace in knowing support is ready for any kind of maritime situation.
Insurance is foremost a care-oriented service regardless of specialization or specialism. Those who can maintain that value in front of mind will be more suited for success.
Arming the next wave of talent
Over hundreds of years, maritime insurance has evolved as a practice; leaders must maintain investing in the knowledge and abilities of the next generation of people if we are to keep the industry alive.
Marine and hull adjusters must be constantly learning if they want to develop client assistance skills as well as claim handling abilities. Along with the problem-solving and report-writing inherent in any insurance practice area, marine insurance experts must combine several various areas of knowledge, including engineering, naval architecture, international law, and commercial abilities.
Two marine instances seldom perfectly match one another. Ensuring customers are sufficiently assisted during the claims procedure calls both skill and time as well as expertise.
Since young employees search for methods to uplevel their work experience and advance their careers, training programs also help in attracting and keeping talent. Attention to career development prospects will be transforming notably in specialist insurance practices like marine and hull as insurance executives want to include the younger generation of workers worldwide, including in Asia, to insurance responsibilities.
The leaders of marine insurance in Asia have to adopt a worldwide perspective to this essentially global activity to make sure their policies fit the dynamic character of world marine trade. insureds need partners that are both flexible in new difficulties and consistent in their knowledge as their demands change with the tides and flow of commerce. Insurance companies may help to negotiate the complexity of contemporary marine operations by striking a balance between innovation and heritage.