SMART SHIP DIGITAL PLATFORM FOR NEW AGE MARITIME INSURERS & REINSURERS
With business models getting disrupted across industries, digital automation has thrown open multiple opportunities for Global Maritime Insurers to serve better the maritime logistics ecosystem while launching newer products and services. IOT & smart Sensors are helping in determining risks precisely. Moving away from traditional noon reports and indicators such as vessel age, make, yard, machinery running hours, dry dock status etc. to more relevant: Live vessel data from machinery & bridge will enable accurate risk assessments for underwriters with data driven intelligence and guidance. By 2020, Logistics, transportation & utilities will account for up to 50% of $ 250 bn B2B investment in IOT. Maritime will be one of the biggest beneficiary of this digital transformation, with higher operational margins, lower vessel downtime, enhanced asset utilization & increased security.
LIVE MARITIME DATA ON MOBILE : Insurers can fetch Vessel, Voyage, Cargo, Berthing, weather data along with predictive analytics on Mobile.
INSURER OPPORTUNITIES
- New revenues with analytics based on data telemetry
- Dynamics pricing
- Sensor data for loss notification
- Predict risks & prevent any losses
- Effective customer connect
IOT OPPORTUNITIES:
- Vessel Machinery Data: With about 50% of the claims under H&M, Vessel condition & Health monitoring to enable insurers with real time health update of the machinery (including historical status as well as projected future state).
- Cargo Condition: tracking and monitoring condition of cargo during and post voyage helps insurers asses accurately for risk & liability.
HULL & MACHINERY INSURANCE: Representing at least 40% of the costs, Main engine, DG Set (Aux Engine) are critical insurance components in the vessel along with other vessel machinery. Impacts due to: Incorrect repairs, Inexperienced fleet personnel without formal engine training, missing out on observing critical machine deviations parameters results in vessel down time along with losing out on maintaining ETA.
Under water rovers help in assessing Hull damage and its impact on Vessel Performance: Data parameters directly made available to Insurers on their cloud. Substantial claims happen under H&M category & it directly impacts fuel consumption, Voyage profitability, ETA of the vessel.Insurers can track live Vessel parameters and monitor relevant “charter party agreement terms” leading to reliable low risk vessel & voyage.
CARGO INSURANCE: Ship Owners & Insurers can actively track Cargo condition, physical storage & port logistics through smart sensors. Cargo on-board Containers, Bulkers, Tankers can be tracked for: damage, loading/ offloading procedures, ambient temperature/ pressure/ humidity and host of other parameters. An effective tool for insurers to TRACK, MONITOR, MANAGE & PREDICT.
VESSEL HEALTH & CONDITION MONITORING: Analytics based on historical & live machinery data gives wide range of machinery health & condition monitoring options. Insurers can configure Smart Alerts, Notifications for deviation or possible breakdown scenarios in advance. Vessel reliability & uptime can go up by up to 30%.
Insurers rely on data driven factual Risk & liability assessment and remote monitoring of critical vessel parameters for control and predictability of maritime operations.
OPPORTUNITIES FOR INSURERS & RE-INSURES
- Rich information pertaining to risk & liability
- Launching flexible & hybrid insurance models based on data analytics & intelligence
- Introducing value added SaaS services for a segment of Maritime Owners, along the lines of: Maintenance Recommendation, Voyage Prediction, Risk Assessment, Continuous Vessel & Voyage Tracking
- Command & Control center services linked to category of Insurance & market segment With costs coming down sub $20000 per vessel for data telemetry & analytics : this can be an additional subscription revenue model for Insurers
- Data driven Guidance & Predictive Analytics based on vessel & voyage data will disrupt existing business models while opening up plethora of opportunities in areas of: Automated Loss Notification, Customer Behavior, Voyage Patterns, Premium Collections, Risk Assessments, Under Writing procedures for H&M, Cargo/ Freight Insurances, Direct customer connect.