Technological Innovations in Marine Insurance LALIT TALAN THE

Technological Innovations in Marine Insurance LALIT TALAN THE NEW INDIA ASSURANCE CO. LTD. 19. 06. 2019 1

Artificial Intelligence The capability of a machine to imitate intelligent human behaviour. AI studies numerous data points from the historical data and combine it with the recent data to provide inputs for premium rates & claims management. 2

Potential uses of AI 3

Blockchain & Smart Contracts 4

Block 1 *Decentralized Block 2 *Encrypted Block 3 *Public ledger *Block? ? What is a Block in a blockchain? *How it is created & added to the blockchain? 5

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Smart Bill of Lading Providing instructions to Carrier for BL Shipper Carrier Issues bill of lading &transfer ownership to the Shipper Delivery Agent Consignee Releases the cargo to the Authorised Consignee 7

*Smart Contract? A smart contract is a software which automatically execute the contract. These contracts can be built into the blockchain *How Smart contracts work? Smart contracts works on If-Then premise How smart contracts executed? 8

The Internet of things (Io. T) is the extension of Internet connectivity into physical devices. These devices can communicate and interact with others over the Internet, and they can be remotely monitored and controlled. 9

Real Time Vehicle tracking technology • GPS Devices • Integrated platform • 24*7 Monitoring team 10

Deviation From the Route Reverse Driving Overstoppage Types of Trigger Change of Power Source No Data from the Devices Distance from lead vehicle when moving in a Convoy 11

Escalation protocol EP 1(Driver to be contacted immediately) If fails switch to EP 2(Transporter to be contacted immediately) If fails switch to EP 3 EP 4(Involvement of Police authority to locate shipment) EP 3( Official of nearby officials /Surveyor to be contacted ) If fails switch to EP 4 12

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