How artificial intelligence is reshaping marine insurance

Artificial intelligence (AI) is rapidly transforming commercial and marine insurance, reshaping everything from underwriting and claims to customer service and risk management. For insurance buyers, understanding these changes is key to securing the best coverage and staying ahead in a shifting landscape.

AI allows insurers to analyze vast datasets — including claims history, sensor data, weather patterns, and inspection reports — to produce more accurate risk assessments. The result is dynamic, tailored pricing that rewards well-managed operations with lower exposure to risk.

On the claims side, AI is streamlining processes through automation — from first notice of loss to damage assessment using image and video analysis. It enhances fraud detection and speeds up settlements. In marine insurance, AI can analyze onboard CCTV and sensor data in near real-time to assess incidents and predict risks like equipment failure or dangerous routes.

AI also boosts insurer efficiency. From chatbots to task automation, insurers are using AI to improve service and reduce manual workloads, allowing human staff to focus on complex or strategic issues.

So, what does this mean for insurance buyers? In short: be proactive.

Start by asking questions. If your premiums or coverage change, ask how AI influenced the decision. Understanding the data behind these assessments is crucial. When comparing providers, ask how they use AI — not just for pricing but also for claims handling and customer service. This reveals both opportunities (like faster service or better terms) and potential concerns around data privacy.

Run a tight operation. As AI enables more detailed risk analysis, businesses with strong safety practices and clean data may benefit from better rates. Those with weaker records may face tougher terms.

Know your data. Understand what your business collects (e.g., telematics, sensor readings, operational metrics), ensure it’s accurate, and be ready to share it with context to show you're a low-risk operation. Just as important: safeguard it. Strong data security and privacy policies are essential, and your insurer should meet or exceed those standards.

Finally, work with experts. Brokers who understand AI’s impact can help interpret changes, spot opportunities, and ensure your coverage keeps up with a fast-evolving market.