Volumes and freight rates will continue to fluctuate, and any sort of geopolitical instability will make the trends more difficult to predict. From Nayantara’s perspective, this gives a lot of space for companies in the customs and insurance sector to flourish. “Even things like bunkering charges keep changing, so how do you ensure that the [information] that you are providing to your customers is accurate? Documentation and insurance,” she says. “We see a lot of value-added services … with how to deal with uncertainty.”
Like in other industries, AI is becoming a driving force in transforming the maritime sector. From processing complex shipping documentation to enabling voice-driven interactions with customers, it offers disruptive efficiency gains. “AI is going to be an enabler that will boost efficiency and allow one to work on the things we’re really good at: determining which products to launch and generating new solutions, leaving out repetitive tasks,” the executive believes.
Although these same hopes were placed on blockchain before, in Mehta’s words, the industry struggled to automate documentation and authenticate shipping, with its help, due to the need to aggregate the market to actualise value. Given the wave of available AI solutions, and especially the LLM surge, knowing how to prompt large language models will be a must for anyone in the industry. When it comes to documentation, the ability to process vast amounts of documentation quickly and accurately can be handled by AI as well. As this tech gets implemented, it will be the experts who know how to curate and operate it that will be at the forefront of the industry’s future.
Sustainability continues to be a key pillar. With advanced tech, the executive says there’s still a need for high-efficiency emissions calculators that provide baseline insights, thus enabling optimization and reduction of carbon footprints. The industry is also investing in ship and fuel designs that would make the move to zero emissions possible for shipping. At the same time, startups are actively exploring autonomous trucking, Digital Twin solutions for terminals, and innovative cargo insurance models.
The company itself is interested in seeing new technological solutions spur. “[While] we prioritize internal development, we collaborate a lot with startups to bring technology to the company,” Nayantara says. Whenever the team decides to partner with an outside solution, it evaluates whether the startup is mature, whether there are other startups in the area, how mature the field itself is, and whether it would even make sense to outsource or is it a crucial question that needs to be done in-house.