Summary of the article published in The Marine Insurer

 

At Seamless.Insure, we recognize the crucial role of technology in transforming the marine insurance industry, particularly in times of geopolitical uncertainty. Our solution automates the full insurance lifecycle, helping marine insurers adapt to evolving compliance, governance, and underwriting needs.

In his latest commentary, Nelius Strydom, CEO of Seamless.Insure, sheds light on the profound impact that sanctions against Russia have had on marine insurance operations:

 

Increased compliance requirements

Sanctions have heightened the need for due diligence, with insurers implementing intensive screening processes to avoid exposure to sanctioned entities. Manual compliance checks are no longer feasible, driving insurers to adopt advanced technology solutions to meet regulatory demands efficiently.

 

Restricted coverage and operational disruptions

Many insurers have withdrawn coverage from Russian-owned vessels and cargo, forcing a reevaluation of global trade routes and increasing operational complexity. This cautious approach to underwriting highlights the importance of intelligent, data-driven insurance solutions.

 

Market volatility and premium increases

Sanctions have resulted in significant market volatility, with premiums rising to account for elevated risks. This trend emphasizes the need for agile technology platforms that support dynamic pricing strategies and compliance across jurisdictions.

 

Operational challenges and financial barriers

Banking restrictions and logistical disruptions have complicated payment handling and claims settlements, requiring insurers to establish alternative processes. By automating these operations, insurers can mitigate delays while maintaining compliance.

 

As Nelius points out, technology is a critical enabler for marine insurers to navigate the challenges posed by geopolitical tensions. Seamless.Insure empowers insurers to maintain compliance, enhance operational efficiency, and continue offering essential coverage—no matter the complexities of the global market.

Read the full article published in the latest October 2024 edition, Issue 19 of The Marine Insurer magazine – https://marineinsurer.co.uk/the-marine-insurer/