Insurance and reinsurance broker Aon plc has partnered with software firm Skytek to provide real-time monitoring of re/insurers’ marine risks and to identify accumulations for enhanced underwriting and reinsurance programs.
As part of the collaboration, Aon has established a new consultancy based on the Skytek system that uses real-time satellite tracking to allow re/insurers to visualise the precise location of their insured risks, in addition to offering detailed vessel and cargo information.
Aon will then work with re/insurers to analyse potential accumulations and make recommendations for efficient reinsurance programs and underwriting insights.
“As part of Aon’s commitment to Data & Analytics, this InsurTech partnership is focused on using innovative technologies to enhance risk management practices,” said Christian Silies, Head of Marine & Energy at Aon’s Reinsurance Solutions business.
“As part of our development partnership, we will be taking the analysis beyond cargo and hull marine aggregation to also weave in business intelligence functionality using clients’ own data,” he added.
Sarah Bourke, CEO at Skytek, also commented: “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,” she continued.
“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.”
The technology behind this partnership emerged from a Skytek and Aon research initiative with the European Space Agency.
Piera Di Vito, the project’s Technical Officer at the European Space Agency, explained: “Following the ESA’s support it is rewarding to see a practical application of science to the insurance industry – and in turn supporting ship and cargo owners globally to have confidence in the protection of their assets.”