MARINE SOLUTION

One Platform, Multiple Applications, Global Reach

Risk Scoring, ESG Rating and Monitor Aggregation. Now at your fingertips.

Industry Challenges

With higher cargo volumes, larger ships, expanding port capacity and increasingly efficient terminal operations, the need for timely risk exposure analysis has become essential.

(re)insurers need to understand the risks around vessel damage and cargo loss catastrophe and how it correlates with other lines of business.

Monitoring global supply chains and portfolios to understand accumulative and individual risk is ever more challenging.

Detailed analysis and estimation of insured values following a catastrophe are highly problematic.

The lack of access to real-time data and effective technology has not permitted a proactive insurer response until now.

Our revolutionary service uses real-time satellite tracking, Earth observation imagery and region monitoring to allow you to visualise the precise location of your insured risks alongside vessel and cargo information

Why choose Skytek?

• SATELLITE IMAGERY & BIG DATA COMBINED • TAILOR YOUR RISK SELECTION
• GLOBAL RISK AGGREGATION • REAL TIME ASSET TRACKING
• RAPID PRE/POST LOSS ASSESSMENT • ESG TOOLS • COMPLEMENTS MODELLING

Marine Hull

Easily detect and prevent risk aggregation

Proprietary SKYTEK technology tracks assets movements and can answer questions such as ‘show me my top 5’ global exposures. An effective risk management tool, exposure across different lines of business can be easily monitored. The historical analysis allows companies to understand better asset movements and the spread of the risk on a global scale.

Risk scoring

Client portfolios are risk scored using a transparent scoring system to improve underwriting decision making, easily compare organisations and target new clients. Underwriters make money based on their ability to select risk. Crucially, Skytek’s proprietary algorithm can be tailored to suit an organisation’s appetite for risk. Parameters can be easily changed.

Immediate calculation of potential loss

Real-time monitoring of risk for immediate feedback on potential or actual loss exposure. Providing real-time feedback on potential event exposure helps eliminate market volatility and uncertainty.

ESG support tool

Environmental, Social, and Governance (ESG) is an essential requirement today. The ESG rating tool provides a valuable resource to assist with environmental compliance obligations by providing valuable insight on environmental risk factors. In addition, Earth Observation techniques can determine and apportion responsibility for environmental, societal, and governance breaches such as sanction breaches or pollution.

Cargo monitoring at ports

Using the latest Earth Observation and data analytics techniques, the platform monitors ports worldwide and provides near real-time data on risk accumulation. The system can advise on the number of specific assets at the terminal, such as cars or refrigerated containers, and support supply chain management.

Model validation and assumptions

Overall aggregation analysis is a fundamental part of what Insurers refer to as “Portfolio Management”. Overall, books of business are closely monitored on a real-time basis to ensure there is no concentration of activity that might lead to systemic portfolio risk. Property Catastrophe Underwriters have been using third-party models for many years. The platform supports these modelling systems by providing near real-time data. It is an ideal system to check the validity of model assumptions and data.

Claims management

The system allows companies to assess the validity of potentially “in dispute” claims, such as vessels ‘lost at sea’. Real-time monitoring will confirm location, track movements, weather conditions, and other information to understand underlying claim circumstances better. In addition, Earth Observation techniques can determine and apportion responsibility for environmental breaches.

Yachts

Easily detect and prevent risk aggregation

Proprietary SKYTEK technology tracks assets movements and can answer questions such as ‘show me my top 5’ global exposures. An effective risk management tool, exposure across different lines of business can be easily monitored. The historical analysis allows companies to understand better asset movements and the spread of the risk on a global scale.

Risk scoring

Client portfolios are risk scored using a transparent scoring system to improve underwriting decision making, easily compare organisations and target new clients. Underwriters make money based on their ability to select risk. Crucially, Skytek’s proprietary algorithm can be tailored to suit an organisation’s appetite for risk. Parameters can be easily changed.

Immediate calculation of potential loss

Real-time monitoring of risk for immediate feedback on potential or actual loss exposure. Providing real-time feedback on potential event exposure helps eliminate market volatility and uncertainty.

Model validation and assumptions

Overall aggregation analysis is a fundamental part of what Insurers refer to as “Portfolio Management”. Overall, books of business are closely monitored on a real-time basis to ensure there is no concentration of activity that might lead to systemic portfolio risk. Property Catastrophe Underwriters have been using third-party models for many years. The platform supports these modelling systems by providing near real-time data. It is an ideal system to check the validity of model assumptions and data.

Claims management

The system allows companies to assess the validity of potentially “in dispute” claims, such as vessels ‘lost at sea’. Real-time monitoring will confirm location, track movements, weather conditions, and other information to understand underlying claim circumstances better. In addition, Earth Observation techniques can determine and apportion responsibility for environmental breaches.

How we can support you

End to End Solution

Monitoring blue and brown waters worldwide
Tracks the historical movement of individual vessels and portfolios for up to three years
Individual and portfolios of vessels worldwide
Real-time calculation of activity in over 200 ports worldwide to determine aggregate risk exposure, i.e. hull, property, cargo combined.
The calculation of containers (TEU), cars, and other cargo using the latest Earth Observation techniques.
Cargo movement patterns over time including port terminal, container and vehicle storage usage, freight volume and value.
Vessel, cargo and port terminal damage
Detailed pre-and post-event satellite images to support claims assessment.

ESG Mandatory Energy Efficiency Compliance

EEXI energy efficiency
Ratings for the Carbon Intensity Indicator (CII)
Track GHG reduction to meet the IMO target of reducing the CO2 emissions by 40% by 2030

ESG Responsible ship Recycling Standards

Compliance with the EU SRR (European Union Ship Recycling Regulation)
Compliance with the Hong Kong Convention for Safe and Environmentally Sound Recycling of Ships
Reference to Inventory of Hazardous Material (“IHM”)

What are the benefits for re/insurers?

Real-time hull and onboard cargo exposure analysis
Data Loss capabilities and robust underwriting
Real time updates and alerts for risk accumulation at key sites
Detailed data to carry out pre / post-event analysis
Highlights peak exposures to better inform reinsurance purchases
Ability to track the historical movement of individual vessels for up to three years

Sanctions Compliance

Natural Catastrophe Tool

Case Studies

Case Study – Underwriting

July 13, 2021 No Comments

Monitoring compliance to environmental laws and regulations can be costly and time consuming for insurers, shipowners and regulators alike.

Case Study – Region Monitoring

July 13, 2021 No Comments

In this fast-paced global market, business operations require the ability to monitor specific areas across the globe, especially as they face new challenges and risks every day. Insurance companies require to be informed when their fleet enters a region of heightened interest or risk. Operational businesses require detailed insights and up to date information over regions of the world in order to make decisions about future investments.

Case Study – ESG

July 13, 2021 No Comments

Monitoring compliance to environmental laws and regulations can be costly and time consuming for insurers, shipowners and regulators alike. Failure to comply with legislation relating to the recycling of vessels, such as the European Waste Shipment Regulations and UN Basel Convention, as well as local laws, may lead to serious consequences, including imprisonment of the parties involved, investigation of the insurers and heavy financial penalties. Above all, these cases will hit the media powerfully, resulting in significant reputational consequences.

Case Study – Cruise Vessel Accumulations

July 13, 2021 No Comments

In July 2020, at the peak of the global COVID lock-downs, vast volumes of major cruise
ships and car carriers were laid by in ports or idle in anchorages worldwide, resulting
in high-risk, high-density accumulations. The vessels were also at risk of breaching
compliance regulations regarding inspections and maintenance.

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