Aon is partnering with software company Skytek to provide real-time monitoring of insurers’ marine risks and identify accumulations for enhanced underwriting and reinsurance programs, using technology which emerged from a Skytek/Aon research initiative with the European Space Agency.
In an era of mega-ports and ultra-large container ships, the need to monitor vessel movement and estimate cargo accumulation has become a critical part of exposure management and risk selection.
The new offering uses real-time satellite tracking to allow re/insurers to visualise the precise location of their insured risks alongside crucial vessel and cargo information. Analysts at Aon then work hand in hand with the re/insurer to understand the potential accumulations and make program-specific recommendations.
Skytek CEO, Dr Sarah Bourke said the ability to take vast amounts of earth observation and space-based data and create tailored insurance products was inconceivable only a couple of years ago. “These new products now open up an exciting future for deeper risk insights within the marine re/insurance world and beyond. Aon and Skytek are already developing transparent algorithms to determine cargo exposures at ports in real-time, using the latest earth observation technology alongside the latest artificial intelligence and machine learning techniques,” she says.