Reflections after the IUMI conference and Marine Insurance Nordics

Having attended both the annual IUMI conference and Marine Insurance Nordics, one observation stood out more than any other: technology was largely absent from the agenda, and many of the conversations taking place at the events.

In recent years, discussions about digital transformation, and more recently AI, have been high on the agenda. At these conferences, however, attention was focused on market conditions, geopolitical uncertainty, regulation, and underwriting performance. These are undoubtedly critical topics, but I found it surprising how little time was devoted to the technologies that will shape how insurers respond to those challenges and how technology can impact the risks that the insurance market covers.

This raises an important question: has the marine insurance market developed a degree of tech fatigue?

If so, that would be unfortunate. We all increasingly need to understand both the possibilities and limitations of how modern technology can impact our business.

The risk of not discussing technology is that it appears less relevant than it is. Yet technology continues to be one of the key enablers for improvement.

Another reflection is that, despite IUMI's global reach, many of the discussions inevitably reflect a European and London market perspective. These markets remain hugely influential, but innovation is taking place across the world. Valuable lessons can also be found in Asia, North America, the Middle East, and other regions that are approaching technology adoption and AI transformation at different speeds.

I’m therefore left with mixed feelings. On the one hand, the conferences reinforced the industry's focus on core insurance disciplines, which is encouraging. However, on the other hand, I would have welcomed a stronger discussion about how technology and AI can and will support the next generation of marine insurers.

The marine insurance market has always adapted to change. The challenge now is to ensure that technology remains part of strategic conversations, not because it is fashionable, but because it will play a critical role in how we compete, serve customers, and manage risk in the years ahead.