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Custom Marine Insurance Software
Since 2012, ScienceSoft designs and develops reliable solutions that help marine insurers digitally transform their specific service workflows.
Marine Insurance Software: The Essence
Marine insurance software automates maritime insurers’ distinctive underwriting, policy administration, claim resolution, fraud detection, and reporting workflows. Such software often includes self-service features for customers and brokers.
Custom marine insurance software introduces functionality tailored to each insurer’s specific requirements and can be easily upgraded with new features to support evolving business needs. Custom solutions integrate smoothly with all required systems, including legacy corporate tools and third-party software and hardware systems for marine operations control.
With custom software, marine insurers can easily adhere to specialized regional compliance standards like NAIC, FIO, CCPA, and NYDFS for the US, SAMA/IA regulations for the KSA, and The Marine Insurance Act for the UK.
Another advantage is that custom maritime insurance solutions can be enhanced with advanced technologies, such as artificial intelligence, big data, IoT, and blockchain, which help marine insurers enhance risk assessment accuracy, streamline claims processing, and leverage new business models like parametric marine insurance.
- Implementation time: 9–18+ months for a custom marine insurance system.
- Development costs: $400K–$1.5M+, depending on the complexity of an insurtech solution. Use our free calculator to estimate the cost for your case.
Software to Support All Required Types of Marine Insurance
Depending on a client’s needs, ScienceSoft can create an all-in-one marine insurance system or a specialized solution to automate one or several specific types of marine insurance.
Marine hull and machinery insurance
Coverage for stored and transferred cargo
Marine crew health insurance
Cargo legal liability insurance for logistics services providers
Ship owner, manufacturer, and repairer liability insurance
Coverage for financial losses due to marine strikes and delays
Property insurance for ports and terminals
Marine war insurance
Marine piracy (kidnap & ransom) insurance
Important Integrations for Marine Insurance Software
- Corporate systems: CRM, accounting software, a BI solution, etc.
- Customer interaction channels: email services, messaging services, etc.
- Third-party data sources: local vessel registries (e.g., ABS, Lloyd's Register), ocean carrier and freight forwarder registries (e.g., by the FMC), marine traffic control systems, credit rating platforms, medical information systems, weather data platforms, policyholders’ vessel manufacturing, tracking, and maintenance systems, shippers’ IoT systems for cargo tracking, ISO, NICB, and CLUE databases.
Key Features of Marine Insurance Software
Below, ScienceSoft’s consultants list the software capabilities commonly requested by our clients from the marine insurance domain to give you an idea of what functionality your solution may provide.
Marine insurance application processing
- Automated capture and processing of digital and paper marine insurance applications using intelligent image analysis technologies.
- Machine learning-supported validation of customer data provided in the applications against the data from public sources.
- Automated notifications to the responsible employees about the applications containing inaccurate or contradictory data that require manual check.
- Automated verification of KYC/AML and OFAC compliance for new clients.
- Automated application routing to the best-fitting underwriters based on an underwriter’s location, availability, and qualifications.
Risk assessment
- Automated customer risk scoring based on user-defined criteria, e.g., the scope of coverage, cargo type and value, vessel type and condition, shipment route and distance, past claims history.
- Risk-based customer segmentation.
- Creating and managing custom actuarial models to predict the probability and impact of losses (cargo theft or damage, vessel sinking, stranding, or collision, freight negligence and errors, etc.) under various natural and man-made perils.
- AI-based analysis and quantification of customer- and segment-specific risks.
- Automated recalculation of customer risk scores based on the changing data (e.g., new claims submitted, a policyholder’s geography extension, etc.).
Pricing
- Automated calculation of individual and segment-specific prices in the required currency based on custom formulas.
- AI-based suggestions on optimal premiums for each customer based on risks, demand, profitability, competitor prices, and more.
- Rule-based price calculation for emerging service models like usage-based marine insurance.
- Template-based quote generation and instant quote submission.
Policy management
- Customizable multi-language templates for various types of marine insurance policies: cargo insurance, freight liability insurance, port insurance, etc.
- Automated generation of policies and certificates of marine insurance, applying customer-specific insurance terms.
- Automated billing under a user-defined model (one-time payment, installments, usage-based, etc.).
- Rule-based policy endorsement, renewal, and termination.
- Marine insurance document e-signing using a digital signature.
- Centralized storage for marine insurance documents.
Claim processing
- Real-time aggregation and processing of the first notices of loss and claim-supporting documents (loss event reports, bills of lading, commercial invoices, images of damage and injuries, vessel telematics data, etc.).
- AI-powered claim validation and fraud detection (incomplete claim disclosure, cargo and vessel document forgery, AIS spoofing, etc.).
- User-defined rules for claim approval or rejection.
- Rule-based and AI-supported claim triaging based on claim urgency, damage extent, reputational risks associated with delayed settlement, etc.
- Automated routing of claims under the reinsured contracts to the relevant reinsurers and monitoring of the claim settlement progress.
Loss evaluation
- Remote loss detection and inspection using AI, IoT, and computer vision technologies, e.g.:
- Capturing images of damaged ship parts using drones.
- Spotting suspicious vessel behavior and sanction breaches (like ship-to-ship transfers) using optical satellite imaging.
- Identifying worsening weather conditions based on third-party GIS and weather forecast data.
- Detecting suspicious port and terminal events based on data from CCTV cameras.
- AI-based validation of damage inspection reports (prepared by in-house and third-party loss adjusters or generated automatically upon remote audits), extraction and summarizing of report data relevant for loss estimation.
- Automated loss quantification.
Loss compensation
- Rule-based calculation of due loss compensation amounts.
- Scheduled and ad hoc compensation payments to the relevant parties according to the pre-agreed payout schemes.
- (for parametric marine insurance) Automated payouts to policyholders, triggered by user-defined events, e.g., the storm in a particular offshore area exceeds a certain level or cargo shipment is delayed by a certain time (can be automated end to end using blockchain smart contracts).
Analytics and reporting
- Calculating and monitoring the required metrics across sales, underwriting, claim settlement, finance, and other marine insurance areas.
- Automated generation of total premium, loss run, and other reports.
- Scheduled and ad hoc report submission to the required regulators (e.g., FIO, NAIC, EPA for the US).
- Statistical and AI-powered forecasting of marine insurance demand, revenue, and expenses.
- Client self-registration, business data management.
- Self-service options for creating marine insurance applications, making payments, filing and tracking claims.
- Notifications about insurance application processing and claim resolution progress.
- A full history of marine policies, associated quotes and invoices.
- AI-powered virtual assistant to help portal users solve operational issues.
- Instant messaging to communicate with marine insurance professionals.
Marine insurance data security
- Permission-based access control for marine insurance specialists.
- Multi-factor authentication, including biometric authentication (e.g., facial or fingerprint recognition).
- Data encryption in transit and at rest.
- Intelligent user and entity behavior analytics.
- End-to-end audit trail of transactions and events.
- (optional) Marine insurance data hashing and recording in the immutable blockchain ledger.
What makes ScienceSoft different
We achieve project success no matter what
ScienceSoft does not pass mere project administration off as project management, which, unfortunately, often happens on the market. We practice real project management, achieving project success for our clients no matter what.