Demurrage is a multibillion-dollar issue in the maritime industry, with claims often representing millions in lost revenue or unrecoverable costs. However, the management and settlement of maritime claims have always been a complex, manual, and time-consuming process.  

Innovation and technology have dramatically improved many aspects of the pre-fixture and post-fixture workflows, yet processing demurrage claims has largely remained unchanged, until now. AI is unlocking new possibilities in efficiency and accuracy.  

Meet IMOS X Claims CoCaptain 

For over 15 years, Veson has been providing claims management solutions that help maritime organizations streamline processes and improve financial outcomes. We deeply understand the challenges claims teams face – and we’re committed to innovating for success into the future. We’re also committed to data security. We at Veson maintain the most stringent security and compliance standards across our solutions, and AI is no exception. 

IMOS X Claims CoCaptain is the next exciting evolution in claims management, bringing AI-powered automation to the forefront of claims management. Built within IMOS X – a sleek new user experience built on the same IMOS foundation you trust – Claims CoCaptain is integrated with the IMOS Platform, leveraging existing IMOS data to auto-suggest claims and dynamically updating the P&L as changes occur. 

Claims CoCaptain provides the automation and visibility your team needs to process claims faster and more accurately than ever before. Let’s take a look at the biggest challenges around claims and explore what IMOS X Claims CoCaptain can really do. 

Access our recent webinar on-demand to dive deeper into how Claims CoCaptain can transform your claims management process. 

Key industry challenges 

Managing claims has never been easy, but as the maritime industry evolves, the challenges have grown significantly. Here are the top three pain points that we have witnessed over the years: 

Claims team capacity 

Managing email volume and ad hoc communications is a constant drain on analysts’ time. Claims data often arrives in multiple formats and from various sources, making organization a tedious, manual process. Analysts often spend the majority of their time gathering documents and preparing the claim calculation. Without a centralized system to collect, organize, and act on claims information, teams are bogged down by low-value tasks and unable to focus on higher-level strategy or optimization. 

Leaving money on the table 

Manually managing claims is not only time-consuming – it’s also error-prone. Missing or incomplete information can cause delays, inaccurate settlements, or even the complete loss of a claim due to missed time bars. These issues don’t just affect the bottom line; they also strain counterparty relationships and can lead to reputational damage. In a high-cost environment like demurrage, even small inefficiencies can add up quickly, resulting in lost revenue and weakened commercial partnerships. 

Lack of visibility 

Without a unified view into the claims pipeline, teams struggle to assess claim status, track progress, and identify bottlenecks. There is often a lack of demurrage predictability, and discrepancies between multiple Statements of Facts can complicate root cause analysis. Reporting on team performance or financial exposure is difficult and typically done retroactively. This lack of real-time visibility makes it hard to forecast accurately or respond proactively to emerging issues, putting businesses at a strategic disadvantage. 

What you can do with Claims CoCaptain 

Claims CoCaptain, integrated within IMOS X, is designed to solve these challenges and provide claims teams with the tools they need to work more efficiently, track claims with ease, and gain better visibility into their financial impact. Here’s how: 

1. Reduce the time to process claims 

Claims CoCaptain automates the most time-consuming and error-prone aspects of claims management, allowing teams to process claims faster and more accurately. Powered by AI, it collects and organizes key claims data from multiple sources – emails, documents, and contract terms – so you can reach settlement quickly and never miss a claim. Here’s how: 

  • Automated document and data gathering parses and sources key claims documents from your inbox so you don’t have to waste time hunting through email threads or attachments. 
  • Suggested claims identification that leverages underlying IMOS contract and operational data to identify potential claims even before they’re raised, giving you a head start on processing. 
  • AI finds and extracts key data for the claim calculations, allowing analysts to quickly review and process claims with minimal manual intervention. 
  • Quick contract term referencing automatically pulls up relevant contract excerpts, saving analysts the time and effort of searching through lengthy contracts. 

2. Optimize claim outcome

With Claims CoCaptain, your claims team can focus on more strategic work and optimize outcomes without being bogged down by manual, repetitive tasks. Here’s how: 

  • All claims data is organized into a single, easy-to-navigate workspace. Claims analysts can instantly view which claims need attention, making it easier to prioritize and manage workloads. 
  • Analysts can run through multiple permutations of a calculation to understand the potential impact of those changes before updating a claim or impacting the P&L. 
  • Claims CoCaptain has a seamless email integration that automatically pulls claims-related documents and data from external sources. 
  • AI-assisted document review organizes any additional documents within the platform, so your team doesn’t have to manage disparate files manually. 
  • By reducing manual data gathering, analysts can process more claims with the same headcount, effectively increasing the overall capacity of the claims team. 

3. Improve claims visibility and financial forecasting 

One of the biggest advantages of Claims CoCaptain is the enhanced visibility it provides into both individual claims and the overall claims pipeline, allowing teams to make informed decisions and improve financial forecasting. Here’s how: 

  • View and track all claims in one place, where you can filter, search, and sort claims data in real time to easily track progress and identify potential issues. 
  • For each claim, it’s simple to track the financial impact of demurrage across all counterparties in the deal chain. This insight helps you understand the full scope of demurrage costs and identify patterns or areas for improvement. 
  • Claims team reporting provides insight into how claims are progressing across the entire team and where additional resources may be needed. 
  • IMOS X allows you to tailor your view of the Claims Dashboards based on user role – whether you’re an analyst, supervisor, or manager. This ensures that everyone has access to the level of detail they need to make informed decisions. 
  • Better financial forecasting, made possible by accurate data and a comprehensive view of all active claims, enables more accurate estimates of the potential cost of claims and demurrage, allowing you to plan more effectively. 

Claims CoCaptain reimagines claims management 

By automating data collection, streamlining workflows, and providing centralized visibility into all claims, Claims CoCaptain redefines how maritime claims are managed. It cuts out inefficiencies, accelerates claims resolution, and enables better financial forecasting so your teams can work smarter not harder and achieve the best financial outcome. 

At Veson, we understand managing Claims is a critical part of running your business. While the best type of claim would be no claim at all, demurrage unfortunately represents a large percentage of the cost of carriage. We’ve been helping the maritime industry process claims for more than 15 years. In that time, we’ve processed more than 950,000 claims worth over $24 billion. 

Built on the IMOS Platform, claims are suggested in Claims CoCaptain as soon as the voyage is completed in IMOS, providing a seamless workflow from operations to demurrage teams. As the laytime calculation changes in Claims, your P&L in IMOS can be updated automatically, allowing you to see the financial impact in real time as claims progress.  With claims management and P&L on the same platform, it ensures your claims management process remains accurate, efficient, and aligned with your broader operational workflows.  

Don’t let demurrage claims surprises derail your operations. Get to settlement faster and improve your claims management with Claims CoCaptain. 

Access our on-demand webinar below to learn more about how Claims CoCaptain can help streamline your claims management process or reach out to our team for a personalized demonstration.