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DCSA Bill of Lading
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Insurers
Today, underwriting for marine insurance premiums is largely based on limited, old and unreliable data collected by brokers on paper forms. This makes accurately assessing risk difficult, often resulting in enormous losses for insurers. It also makes writing premiums inefficient and expensive, which limits coverage options for shippers. For insurers, the lack of access to timely, accurate, digital shipping data stifles their ability to provide products that meet the needs of a wide range of shippers. For shippers, fewer products makes it hard to easily find coverage that meets their needs. DCSA documentation and track and trace standards give insurers on-demand access to the data they need to make more effective risk assessments. The standards align data for these critical activities based on data semantics and data attributes so it can be seamlessly exchanged regardless of platform. Standardised data that can be accessed directly by marine insurers will enable them to digitalise and even automate risk assessment using modern analytics tools. This will dramatically reduce the time and expense of underwriting while increasing its effectiveness. Ultimately, widespread adoption of DCSA standards will grow the marine insurance market by significantly lowering costs and improving efficiency while increasing profitability for insurers.
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Solution providers
Solution providers play a vital role in helping transition the container shipping industry into the digital age. Their solutions facilitate the exchange of accurate and up-to-date shipping data and documentation between stakeholders such as carriers, shippers, terminals and banks. The lack of digital standards in the industry makes creating channels for data exchange time consuming and expensive. Bespoke integrations must be established for each relationship, and the data that is exchanged must be aggregated and tailored for each client. These bespoke integrations, which are not based on standards, also prevent data from flowing seamlessly across the trade ecosystem, which is the ultimate aim of digitalising trade. DCSA’s digital standards ensure that data around cargo, eBLs, vessels and equipment can be exchanged seamlessly between all relevant platforms and industry stakeholders. With DCSA standards, solution providers are able to create channels for seamless data exchange using interoperable data models and APIs. This enables more effective collaboration while reducing the resources required to develop solutions that maximize value. For eBL solution providers, ongoing collaboration with DCSA will ensure full technical and legal interoperability between eBL platforms. This will further standardised digitalisation of the industry by facilitating the global uptake of eBL standards.
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