Telematics-based smart insurance for the marine industry
The marine industry is one of the most rapidly evolving industries in the world. As new technologies are developed and adopted, the way that we operate our businesses and manage our assets is changing. One of the most important aspects of this change is the way that we insure our businesses and manage risk.
In the past, the insurance industry has been slow to adopt new technologies. However, this is starting to change, and insurance companies are starting to explore the use of telematics to provide smarter, more customized coverage for their clients. Telematics-based insurance uses data collected by telematics devices to track and monitor the activities of a vessel or fleet. This data can be used to create a risk profile for a business, and to tailor insurance coverage to the specific needs of that business.
Telematics-based insurance is still in its early stages, and there are several challenges that need to be addressed before it can be widely adopted. However, the potential for telematics to transform the way we insure our businesses is significant, and insurance companies are starting to invest in this technology.
With this in mind, let’s have a look at some of the companies offering telematics-based smart insurance for the marine industry.
Insurtech firm Concirrus, in partnership with EY, has developed an AI-based insurance engine that does “behaviour-based underwriting” for the marine industry. The engine uses real-time telematic information collected from vessels’ Automatic Identification Systems (AIS) to assess risk and calculate premiums.
This is a significant development in the insurance sector as it allows for more accurate underwriting of risk. This is especially important in the marine industry, where the risk of accidents is high. The AI-based engine will help to reduce the cost of insurance for vessel owners and will make it easier for them to get the coverage they need.
Los Angeles-based technology company, AXA XL, is using marine telematics to revolutionise marine portfolio management. AXA XL is using this technology to track and monitor the movements of vessels in real-time, providing unprecedented insights into risk management.
This is a game-changing development for the marine insurance industry, which has traditionally been reliant on manual data collection and analysis. With AXA XL’s marine telematics platform, underwriters and risk managers can now make more informed decisions about coverage and risk management.
This is just one example of how AXA XL is using cutting-edge technology to innovate and improve the insurance industry. They are always looking for new ways to help their clients manage their risks and protect their assets.
Mitsui insurance and Upstream Security
Mitsui Sumitomo Insurance, a Japanese insurance company, has announced an investment of $36 million in Israeli startup Upstream Security. The investment is part of a Series B funding round that raised a total of $47 million for the company.
Upstream Security offers telematics-based smart insurance for the marine industry. The company has developed a system that uses data collected from a ship’s sensors and tracking devices to assess risk and provide real-time alerts in the event of a security breach.
Mitsui Sumitomo Insurance’s investment will be used to support the development of Upstream Security’s technology and to expand the company’s business operations in Japan and other Asian markets.
Tokio Marine Kiln and Evari
Tokio Marine Kiln (TMK), the world’s largest provider of maritime satellite communications, has announced that it has entered into a strategic agreement with Australian insurtech firm Evari to provide telematics-based smart insurance for the marine industry.
Under the agreement, TMK will become the preferred provider of satellite communications for Evari’s fleet of over 500 vessels, which are fitted with the Evari IoT device. The device uses TMK’s maritime satellite communications to collect data on the vessel’s location, speed, and course, as well as engine data and weather conditions. This data is then used to generate real-time risk profiles for each vessel, which are used to calculate insurance premiums.
The agreement will also see TMK provide data services to Evari’s customers, which will allow them to monitor their vessels’ performance and compliance with safety regulations. In addition, TMK will provide Evari access to its global network of service providers, which will allow Evari’s customers to receive discounts on maritime services such as fuel, maintenance, and repairs.
The maritime industry is ripe for digital transformation. Telematics-based smart insurance is a promising development for the marine industry. By tracking data on vessel location, speed, and weather conditions, insurers can offer fairer premiums to their customers. This type of insurance is still in its infancy, but it has the potential to revolutionize the marine insurance market.