Periodic Reporting for period 1 – CroP (Leveraging predictive technologies to increase operational & cost efficiencies in the European cargo claims value chain.)
Reporting period: 2018-11-01 to 2019-03-31
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.
During the 5-month period, we worked with two of the 7 largest shipping lines to validate our hypothesis on their challenges and to recommend our solutions. We developed wire frames to demonstrate an innovative approach to cargo claims resolution and we built the MVP of the solution.
Cargo Claims Transformation Survey
Together with leading managing consulting firms, a leading university and a specialist insurance market, we conducted a survey targeted toward shipping lines and cargo insurers.
During the five months period that we spent investigating our target market, we have re-evaluated our assumptions from a business perspective including breakeven analysis.
The claims process in the shipping industry is ineffective but it presents an opportunity to differentiate service offerings in the shipping world today.
This study resulted in a clear product road map designed by our team, a shipping line and some insurance companies.
CroP is a paradigm shift from the way cargo claims subrogation recoveries is done today. Its successful deployment will bring significant value to all parties who sign up to it from shipping lines, to insurers, to surveyors and international traders.