Understanding Marine Loss Control

The theme of AIG Academy Connected's third session was Marine Loss Control (MLC). The event was hosted by Kristiina Laresvuo, Branch Manager AIG Finland. Mårten Sandblom, Marine Loss Control Manager Nordic and EMEA, AIG Europe and Jan Rietberg, Marine Loss Control Manager South zone and UK, AIG Europe, presented the subject.

As the company cargo being shipped is often of high value, the loss of one load might mean a significant financial impact losss for the company. The most common causes are related to changes in temperature or humidity which damages the cargo, or any crime occurring during the transport. When it comes to the latter, the highest risk is transit and in Western Europe it is theft from unsecure parking.

However, thanks to technology and the IoT, some of these issues can be improved significantly. By using AI, you can track important parameters, or the cargo itself, and get an alarm in case of for example increasing temperatures, or the trailer moving outside the geo fence area. Combined with remote control, it gives you the possibility to react immediately if something deviates from normal, instead of reacting afterwards when the incident has already occurred. AI can efficiently decrease your costs from damaged goods and is a significant asset for managing risks.

“Historically, companies could only later realize that something had not gone according to plan, and many companies are still relying on others to supervise their cargo. Why not use technology and AI to make sure your cargo arrives safely according to plan? By being the first one to know you can also make sure to take the right measures to prevent a potential loss of cargo if something unexpected happens,” says Mårten Sandblom.

Find out how AI and technology can improve your MLC by watching the webinar through the link below.