Marine insurers and reinsurers have a growing need to better monitor and assess risk accumulations. Skytek currently operates the REACT platform. This software offers a service that provides estimates of risk accumulations based on vessel traffic information.
These days processing power is growing, image analysis and object detection techniques are rapidly improving, and high resolution satellite data and aerial imagery availability and coverage are also increasing. That is why it has become feasible to provide improved data intelligence for marine insurance and reinsurance organisations that are based on Earth Observation (EO) data.
The proposed activity aims to extend the existing risk picture by using satellite data and modern image analysis combined with machine learning techniques.
This product targets insurance and reinsurance organisations that deal with marine insurance.
To support the marketing and distribution of this product, Skytek has signed a partnership with Aon, one of the biggest global insurers.
Aon has established a new consultancy based on the Skytek’s system that uses real-time satellite tracking. This allows insurers and reinsurers to visualise the precise location of their insured risks alongside crucial vessel and cargo information. Aon’s experts work closely with the insurers and reinsurers to analyse the potential accumulations and make specific recommendations to their portfolio for efficient reinsurance programmes and underwriting insights.
One of the primary concerns for the marine insurance industry is monitoring the risk accumulations in ports. Ports steadily increasing their throughput and growing cargo vessel capacities have a big impact on risk accumulation. The increasing risk of climate/weather induced catastrophic events also compounds this problem.
Through their global networks of clients, Aon’s is actively promoting and introducing the concept and platform of the Cargo Port Analysis using EO and GNSS.
The product targets insurance and reinsurance companies globally. Using this platform is now more important than ever for the insurance industry, with an ever increasing throughput of cargo and containers in ports worldwide as well as an increased severity of storms and weather patterns. Providing a near real time insight into cargo exposures and risks at major ports worldwide, on an ongoing basis and post catastrophe, allows for insurance organisations to better plan and quickly understand potential liabilities.
The system provides a web accessible and a cloud-based SAAS platform. Information on potential port or fleet liability can be provided in near real time based upon past vessel history, vessels attending a specific port terminal, their expected cargo loads, and quantity as well as value combined with on-port cargo value analytics. This functionality is achieved through data-fusion of multiple data sources into common unified models, to create a large set of mineable geo-spatial data presented in a user-friendly multi-aspect html interface.
The Skytek REACT platform provides the basis of the new proposed system, with the proposed features as logical modular extensions of the platform incorporating more advanced modelling, processing and data sources into the overall picture. A combination of the latest Artificial Intelligence, Machine Learning, EO, GNSS technology and big data analytics techniques are used to provide a cargo port analysis solution directly relevant to marine insurance and reinsurance organisations.
The insurance companies base their decisions on models, known as Catastrophe or CAT models, which are currently provided by a few specialist companies. None of these models and modelling software currently use satellite EO data as a source of information.
By using EO and GNSS, the Cargo Port Analysis brings added value by providing a far more accurate risk exposure picture. Instead of using a generalised CAT model, the real status of a port is analysed on current levels of cargo both onshore and in docked vessels. Cargo can range from standard containers, through to reefers (refrigerated containers) and vehicles stored port side. The underlying information allowing for this analysis to be performed is sourced using EO satellite and aerial imagery, and using automatic image analysis and information extraction. This approach leads to a fully automated risk exposure calculation solution which can be used for the major cargo ports worldwide.
The amount of available high resolution satellite and aerial imagery is growing and the global coverage is improving, so once the analytic tools are developed and methodology established, the risk picture steadily improves in quality and temporal availability. This creates a stable competitive advantage that is grounded in Skytek’s high level of competency and experience in processing and analysing satellite imagery.
Since the kick-off milestone meeting in July 2019, the activity has developed an initial proof of concept and is currently undertaking the Critical Design Review milestone.