The Covid-19 pandemic has hit many industry sectors hard, necessitating changes in the way they operate and altering the risks they face. In the marine industry, the restrictions on the movement of people and goods meant that many vessels were withdrawn from service and laid up in ports around the world.
For marine underwriters, this added to the already often complex task of keeping track of where vessels, cargo and other assets were at any one time. Underwriters and risk engineers use vessel location information to aid their understanding of risk, but the process of analysing and aggregating that data was often time consuming and costly.
To meet this challenge and solve the problem, AXA XL’s London and Singapore-based marine team and its Singapore-based Marine Risk Consulting team collaborated with AXA REV to create an app that gives a comprehensive – and instant – view of exposure.
This article sheds light on how marine telematics can be used to keep track of insured vessels and revolutionise marine portfolio management.
• Tackling the accumulation challenge amid Covid-19.
• Trading limits and warzones - taking control of portfolio management.
• The future.