Technological Innovations in Marine Insurance LALIT TALAN THE NEW INDIA ASSURANCE CO. LTD. 19.06.2019

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.

Potential uses of AI

Blockchain & Smart Contracts

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

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

*How Smart contracts work? Smart contracts works on If-Then premise *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?

The Internet of things (IoT) 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.

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

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

Escalation protocol EP1(Driver to be contacted immediately) If fails switch to EP 2 EP4(Involvement of Police authority to locate shipment) EP3( Official of nearby officials /Surveyor to be contacted ) If fails switch to EP 4 EP2(Transporter to be contacted immediately) If fails switch to EP 3