insurtech 06/March/2019

Insurtech News > Aon partners with marine insurtech Skytek on satellite tracking

In response to this need, Aon and Skytek have launched a new consultancy based on the Skytek system, and supported by the European Space Agency, to use real-time satellite tracking. This shows the precise location of insured risks alongside crucial vessel and cargo information. Using this data, Aon will be able to analyse the potential accumulations and make recommendations specific to an re/insurer’s portfolio for efficient reinsurance programmes and underwriting insights.

Christian Silies, head of marine and energy at Aon Reinsurance Solutions business, said: “As part of Aon’s commitment to data and analytics, this insurtech partnership is focused on using innovative technologies to enhance risk management practices. 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.”

Dr Sarah Bourke, CEO at Skytek, added: “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.”