Selling Ocean Marine Commercial Insurance. ChatGPT experiments. A ChatGPT Experiment Jan /23
This is an experiment. The idea is to create a simple set of information for people that quickly understand how the business occurs in what systems are used in selling Ocean Marine Commercial Insurance. The user story is the most interesting element to the experiment. In my opinion, text generated by GPT is good enough to train sales people in the software industry. Who are I need the business and need to understand the value of the software they are selling to that business . Like many commercial industries, insurance is rife with jargon and where it’s more important to the insurance company than the buyer of the insurance or even the broker of that insurance. It is a necessarily complicated business and over the last 100 years has been simplified a great deal.
It is about the commercial insurance industry exploring an example of how that industry operates with respect to Ocean Marine and inland marine insurance. It covers business operations and products as well as the processes to sell those products to customers that are businesses. This is commercial insurance. It is more complicated then retail insurance because the wrists are more complicated. For instance, is a big difference in the sharing your 15 foot cruiser and a 400 megaton cargo container tanker.
This description includes a user story between the broker and the risk also known as the customer.
The generation includes a market information about software, vendors and insurance consulting experts.
Here’s the experiment.
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Rob Tyrie
Intact Ocean Marine offers a full range of ocean marine insurance solutions. Products include commercial hull and marine liabilities at both the primary and excess levels; ocean and air cargo with coverage extensions such as inland transit, warehousing and processing; yachts; and several marine package products with comprehensive pr
otection for a variety of marine risks. These products can be tailored to the specific needs of clients in the shipping, transportation, and leisure boating industries.
Rob Tyrie
How is this insurance product sold?
It is likely that Intact Ocean Marine insurance products are sold through insurance brokers or agents. These professionals work with clients to assess their specific needs and recommend appropriate insurance coverage. They may also assist with the underwriting process and help clients file claims in the event of a loss. Some insurance companies also sell their products directly to customers, either through their own sales team or through an online platform.
Rob Tyrie
Act as a teacher
Sure, I can help you understand ocean marine insurance and how it works.
Ocean marine insurance is a type of insurance that provides protection for ships, cargo, and other property used in marine transportation or recreation. It covers a wide range of risks, such as damage to ships or cargo due to storms, collisions, or other accidents.
Commercial hull and marine liabilities insurance, for example, covers the physical damage to ships and other vessels, as well as any liability that may arise from the operation of the vessel. This type of insurance is important for ship owners, operators, and charterers as it can help them to protect their financial interests in case of an accident.
Ocean and air cargo insurance, on the other hand, protects against loss or damage to goods being transported by sea or air. This type of insurance may also include coverage for inland transit, warehousing and processing, to ensure the protection of goods throughout the entire transportation process.
Yacht insurance is another type of ocean marine insurance which protects the owners of leisure boats and yachts against risks such as theft, fire, and collision.
In short, ocean marine insurance is a specialized form of insurance that helps protect businesses and individuals against the unique risks associated with marine transportation and recreation.
Rob Tyrie
Wrote a 1200 word. user story about an intact broker named Su is selling and product to a Marina own, who has a commercial fleet of fishing boats. His name is Bob. Include all the systems Su uses to sell insurance products.
Su is an insurance broker at Intact, and she specializes in ocean marine insurance. One day, she receives a call from Bob, the owner of a marina that operates a commercial fleet of fishing boats. Bob is concerned about the risks his boats and business are facing and is looking for a comprehensive insurance solution.
Su sets up a meeting with Bob to discuss his needs and assess the risks his business is facing. During their meeting, she learns that Bob's boats frequently operate in rough waters and are exposed to the risk of damage from storms and collisions. She also learns that Bob's business is dependent on the income generated by the boats and that any significant loss could have a significant impact on the business.
With this information in hand, Su begins the process of finding the right insurance coverage for Bob's business. She starts by reviewing Intact's ocean marine insurance products to see which ones would be the best fit for Bob's needs. She also uses Intact's underwriting guidelines to determine the level of coverage that would be appropriate for Bob's fleet of boats.
Once Su has identified the most suitable products for Bob, she presents them to him and explains the coverage and exclusions in detail. She also provides Bob with a quote for the insurance coverage and discusses the pricing with him. Bob is satisfied with the coverage and pricing, and he decides to purchase the insurance through Su.
Su then uses Intact's online platform to submit the application for insurance coverage on Bob's behalf. The platform allows her to upload the necessary documents and information electronically, making the application process more efficient. The underwriting team at Intact reviews the application and provides Su with a decision on the coverage within a few days.
Once the coverage is approved, Su sends Bob the policy documents and provides him with an explanation of the coverage. She also sets up automatic premium payments through Intact's online billing system to make it more convenient for Bob.
Bob is pleased with the insurance coverage that Su has provided for his business and he is confident that his boats and business are well-protected against the risks they are facing. He knows that if he ever needs to file a claim, Su will be there to guide him through the process.
Throughout the process of selling insurance to Bob, Su has used various tools and systems provided by Intact to find the right coverage, submit the application, and manage the policy. These systems have enabled her to provide Bob with a tailored insurance solution that meets his unique needs and protect his business.
As a result, Bob is happy to refer other Marina owners to Su who needs similar insurance solutions.
In conclusion, Su's expertise in ocean marine insurance and her ability to use the tools and systems provided by Intact have allowed her to provide Bob with a comprehensive insurance solution that meets his needs and protects his business.
Rob Tyrie
How does su quote the premium for bobs marina
When Su quotes the premium for Bob's marina, she uses a variety of factors to determine the rate. These factors include:
The type of coverage: Su considers the type of coverage that Bob needs, such as commercial hull and marine liabilities insurance, ocean and air cargo insurance, and yacht insurance. Each type of coverage has different pricing based on the level of protection provided.
The size and value of the fleet: Su takes into account the number of boats in Bob's fleet, as well as their value. Larger and more valuable fleets will generally have a higher premium than smaller fleets.
The area of operation: Su considers the areas where Bob's boats operate, such as the open seas or coastal waters. Riskier areas of operation will generally have higher premiums.
The age and condition of the fleet: Su also takes into account the age and condition of Bob's boats. Newer and well-maintained boats will generally have lower premiums than older or poorly maintained boats.
The deductibles: Su discusses the options of deductibles with Bob and based on the choice of Bob, the premium will be quoted. A higher deductible means a lower premium and vice versa.
The claims history: Su also takes into account Bob's claims history. A business with a good claims history may be eligible for lower premiums.
By taking all these factors into account, Su is able to provide Bob with a quote for the premium that accurately reflects the level of risk associated with his business and the coverage he needs.
Rob Tyrie
Describe the software application su use to create a quick quote and a proposal with options. Tell as story about how Su uses the software to great bobs quote with 3 package options.
Su uses a software application provided by Intact to create quick quotes and proposals for her clients. This application, called IntactMarine, is specifically designed for ocean marine insurance and allows her to quickly and easily quote premiums and generate proposals with a variety of options.
When Su is ready to quote the premium for Bob's marina, she logs into the IntactMarine application and begins by entering the basic information about Bob's business, such as the number of boats in his fleet and the areas of operation.
The application then uses this information to generate a quick quote for the base premium for the coverage Bob needs. Su can then use the application to adjust the coverage options and deductibles to create different package options for Bob.
For example, Su creates three package options for Bob:
Package 1: This option includes commercial hull and marine liabilities insurance with a $5,000 deductible and a base premium of $25,000.
Package 2: This option includes commercial hull and marine liabilities insurance with a $10,000 deductible and a base premium of $20,000.
Package 3: This option includes commercial hull and marine liabilities insurance with a $15,000 deductible and a base premium of $18,000.
With these options in hand, Su meets with Bob again to present the different package options and discuss the coverage and deductibles. Bob is able to compare the different options and choose the one that best meets his needs and budget.
The IntactMarine application also allows Su to quickly generate a detailed proposal for Bob's chosen option, including the coverage, premium, and deductibles. She can email the proposal to Bob for review and signature, and once it's signed, she can submit the application for coverage directly through the application.
In this way, Su is able to use the IntactMarine application to provide Bob with a comprehensive insurance solution that meets his unique needs and budget, all while streamlining the process and making it more efficient for both her and Bob.
Rob Tyrie
What system does the system go to. Describe it is software terms
The IntactMarine software application that Su uses is likely a web-based software that can be accessed through a web browser. This means that Su can use the application from any device with internet access, without the need to install any software.
The application is likely built using a combination of web development technologies such as HTML, CSS, and JavaScript for the front-end user interface, and programming languages such as Java, Python or C# for the back-end logic and data management
Rob Tyrie
How is the premium calculated , what are all the calculations required and the rating factors
The premium for ocean marine insurance is calculated based on the level of risk associated with the policy. The calculations take into account a variety of rating factors that are specific to each type of coverage. Some of the common rating factors used in the calculation of ocean marine insurance premiums include:
Type of coverage: The type of coverage needed, such as commercial hull and marine liabilities insurance, ocean and air cargo insurance, and yacht insurance, will affect the premium. Each type of coverage has different pricing based on the level of protection provided.
Size and value of the fleet: The number of boats in the fleet, as well as their value, are taken into account when calculating the premium. Larger and more valuable fleets will generally have a higher premium than smaller fleets.
Area of operation: The areas where the boats operate, such as the open seas or coastal waters, will affect the premium. Riskier areas of operation will generally have higher premiums.
Age and condition of the fleet: The age and condition of the boats are also considered when calculating the premium. Newer and well-maintained boats will generally have lower premiums than older or poorly maintained boats.
Deductibles: The choice of deductibles will affect the premium. A higher deductible means a lower premium and vice versa.
Claims history: The claims history of the policyholder will also affect the premium. A business with a good claims history may be eligible for lower premiums.
Safety and loss prevention measures: If the policyholder has implemented safety and loss prevention measures on their boats or business, it can result in lower premiums.
These rating factors, along with the underwriting guidelines of the insurance company, are used to calculate the premium for ocean marine insurance policies. They are used to determine the level of risk associated with the policy and to set the premium at a rate that is commensurate with that risk.
Rob Tyrie
Who are some companies that sell this type of insurance
There are several companies that sell ocean marine insurance, including:
American International Group (AIG)
The Chubb Corporation
XL Catlin
The Hanover Insurance Group
Allianz Global Corporate & Specialty (AGCS)
Marsh & McLennan Companies
The Hartford Financial Services Group
Beazley
XL Specialty Insurance Company
The Navigators Group
These are some of the major players in the ocean marine insurance market, but there are also many other insurance companies, both large and small, that offer ocean marine insurance coverage. Some of them are specialized in ocean marine insurance and others offer it as a part of their portfolio of products.
It's important to keep in mind that availability of these companies and their products may vary depending on the region.
It is recommended to speak with a specialized insurance broker to help you navigate the options and find the best coverage for your specific needs.
Rob Tyrie
How is reinsurance related to this business
Reinsurance is a risk management tool that insurance companies use to transfer some or all of the risk associated with a policy to another insurer. This allows them to better manage the level of risk they are exposed to and to ensure that they have the financial resources to pay claims in the event of a loss.
In the ocean marine insurance business, reinsurance plays a critical role in helping insurance companies manage the risks associated with insuring ships, cargo, and other property used in marine transportation or recreation. These risks can be large and complex, and it's not always possible for one insurance company to assume all the risk alone.
For example, an insurance company that insures a large cargo ship may purchase reinsurance to protect itself against the risk of a major loss, such as the ship sinking in a storm. The reinsurance company will then assume a portion of the risk, in exchange for a percentage of the premium.
Reinsurance also allows insurance companies to offer coverage for risks that would otherwise be too large or too complex for them to handle on their own. This allows them to expand their product offerings and to better serve their customers.
In the marine industry, reinsurance also play an important role in managing the volatility of claims and claims payments. As marine insurance is a long-tail business, meaning that claims can happen years after the policy was issued, reinsurance helps companies to manage their liabilities and to have a steady cash flow.
In short, reinsurance plays a critical role in the ocean marine insurance business by helping insurance companies manage the risks associated with insuring ships, cargo, and other property used in marine transportation or recreation, and allowing them to offer coverage for risks that would otherwise be too large or too complex for them to handle on their own.
Rob Tyrie
Explain why insurance is a long tail business
Insurance, particularly ocean marine insurance, is considered a "long-tail" business because claims arising from a policy may not be reported or settled for a significant period of time after the policy was issued.
In the case of ocean marine insurance, the risks that are covered, such as damage to ships or cargo due to storms, collisions, or other accidents, can take place during the policy period, but the claims arising from those events may not be reported or settled for weeks, months, or even years after the policy has expired.
For example, a ship that sinks in a storm may not be discovered until months later, and the investigation into the cause of the sinking and the determination of liability may take even longer. Similarly, cargo damage may not be discovered until the goods reach their destination, and the investigation and settlement of the claim can take several months.
As a result, insurance companies must maintain reserves to cover the potential future claims that may arise from policies that have already expired. This is known as “long-tail liability”.
The long tail nature of marine insurance also makes it difficult for insurers to predict the frequency and severity of claims, making it a volatile business. This is where reinsurance comes into play as a risk management tool, by allowing insurance companies to transfer some or all of the risk associated with a policy to another insurer.
In summary, ocean marine insurance is a long-tail business because claims arising from a policy may not be reported or settled for a significant period of time after the policy was issued, and the claims process can be complex and lengthy, this makes it difficult for insurers to predict the frequency and severity of claims, making it a volatile business.
Rob Tyrie
Preposterous? Policyholders think so. But these are three of the arguments being used by insurers to contest payouts. New research out on Tuesday suggested they are proving successful. Analysts at Berenberg estimated that, to date, Covid-19 insurance claims were just half the consensus estimate for industry losses. In fact, at $25.1bn, they are half the bottom end of Swiss Re’s $50bn to $100bn global loss range. In language that only people in insurance could use, the analysts concluded that the pandemic “is more like a very large natural catastrophe event than an extraordinarily large one”.
The article is discussing the fact that insurers have been using various arguments to contest payouts related to COVID-19 claims. According to research by Berenberg, these arguments have been successful, resulting in fewer payouts than expected. The research estimates that, to date, COVID-19 insurance claims have been just half of the consensus estimate for industry losses, at $25.1 billion, which is also half of the bottom end of Swiss Re's $50 billion to $100 billion global loss range. The analysts have also noted that the pandemic is more similar to a "very large natural catastrophe event" than an "extraordinarily large one".
Rob Tyrie
What is the difference between a very large natural catastrophe and and extraordinarily large catastrophes
A "very large natural catastrophe" is a term used to describe a natural disaster that causes significant damage and losses, but is still within the range of typical catastrophic events. These events are events that are not unprecedented and have occurred before and have been modeled by insurance companies. For example, a category 4 or 5 hurricane, a severe earthquake or a severe flood.
On the other hand, an "extraordinarily large catastrophe" is a term used to describe a natural disaster that is outside the range of typical catastrophic events. These events are usually rare and have not occurred before or have not been modeled by insurance companies. For example, a once-in-a-century mega-storm, a massive volcanic eruption, a meteor impact.
Therefore, the difference between a very large natural catastrophe and an extraordinarily large catastrophe is that the former is an event that insurance companies have modeled and can predict the losses, while the latter is an event that is unprecedented, not modeled and the losses are hard to predict.
Rob Tyrie
Are extraordinary catastrophes black Swans
An "extraordinary catastrophe" can be considered as a "black swan" event. The term "black swan" was popularized by Nassim Nicholas Taleb in his book "The Black Swan: The Impact of the Highly Improbable" to describe rare and unpredictable events that have a significant impact.
Extraordinary catastrophes are rare events that are not easily predictable and have a significant impact on the insurance industry. They are events that are not modeled and not taken into account in the insurance companies' calculations. The industry is not prepared for such events and the losses can be much greater than expected.
Like black swan events, extraordinary catastrophes can have a significant impact on society and economy, and they can change the way we think and act.
Therefore, it could be said that extraordinary catastrophes are a type of black swan event, in that they are rare, unexpected and have a significant impact on the insurance industry and the society and economy.
Rob Tyrie
Summary of this chat session in 500 words
In this chat session, we discussed the topic of ocean marine insurance and how it relates to reinsurance. We explained that ocean marine insurance is a type of insurance that covers ships, cargo, and other property used in marine transportation or recreation. The premiums for this type of insurance are calculated based on the level of risk associated with the policy and a variety of rating factors such as the type of coverage, the size and value of the fleet, the area of operation, the age and condition of the fleet, the choice of deductibles and the claims history.
We also discussed that there are several companies that sell ocean marine insurance, such as American International Group (AIG), The Chubb Corporation, XL Catlin, and others. We advised that it is best to speak with a specialized insurance broker to help navigate the options and find the best coverage for specific needs.
We also explained that reinsurance is a risk management tool that insurance companies use to transfer some or all of the risk associated with a policy to another insurer. This allows them to better manage the level of risk they are exposed to and to ensure that they have the financial resources to pay claims in the event of a loss. Reinsurance also allows insurance companies to offer coverage for risks that would otherwise be too large or too complex for them to handle on their own.
Furthermore, we highlighted that ocean marine insurance is a long-tail business, meaning that claims can happen years after the policy was issued. This makes it difficult for insurers to predict the frequency and severity of claims, making it a volatile business and reinsurance plays a critical role in managing the volatility of claims and claims payments.
We also discussed that insurers have been using various arguments to contest payouts related to COVID-19 claims, and according to research by Berenberg, these arguments have been successful, resulting in fewer payouts than expected. The research estimates that, to date, COVID-19 insurance claims have been just half of the consensus estimate for industry losses, and the analysts have also noted that the pandemic is more similar to a "very large natural catastrophe event" than an "extraordinarily large one".
Lastly, we explained the difference between a very large natural catastrophe and an extraordinary catastrophe. A "very large natural catastrophe" is an event that insurance companies have modeled and can predict the losses, while an "extraordinary catastrophe" is an event that is unprecedented, not modeled and the losses are hard to predict. We also stated that extraordinary catastrophes can be considered as a "black swan" event, in that they are rare, unexpected and have a significant impact on the insurance industry and the society and economy.
Rob Tyrie
What software companies make software for this type of business
There are several software companies that specialize in providing solutions for the ocean marine insurance industry. Some examples include:
Guidewire: They offer a comprehensive platform for marine insurance that includes policy administration, claims management, and analytics.
Majesco: They provide a digital platform for marine insurance that includes policy administration, claims management, and analytics, as well as customer and partner portals.
ISO: They offer a range of services for marine insurance, including data and analytics, underwriting guidelines and forms, and claims data and analysis.
Duck Creek Technologies: They provide a software platform for marine insurance that includes policy administration, claims management, and analytics, as well as customer and partner portals.
FINEOS: They provide a platform for policy administration, claims management, and analytics for marine insurance.
These are just a few examples of the software companies that specialize in providing solutions for the ocean marine insurance industry. There are also many other companies that offer similar solutions, and it's important to research and compare the different options to find the best fit for your company's specific needs.
Rob Tyrie
What are 5 more companies
Accenture: They provide a range of services for marine insurance, including digital transformation, data analytics, and claims management.
EIS Group: They offer a software platform for marine insurance that includes policy administration, claims management, and analytics, as well as customer and partner portals.
Insuresoft: They provide a digital platform for marine insurance that includes policy administration, claims management, and analytics, as well as customer and partner portals.
TAI: They offer a comprehensive software platform for marine insurance that includes policy administration, claims management, and analytics, as well as customer and partner portals.
Wipro: They provide a range of services for marine insurance, including digital transformation, data analytics, and claims management.
As with any technology, it is important to research and compare the different options and features offered by these companies and others to find the best fit for your company's specific needs and requirements. And consulting with experts in the field is a key step to make the right choice.
Rob Tyrie
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