As industry efforts to make autonomous shipping a reality continue, Rolls-Royce and AXA Corporate Solutions have signed a letter of intent (LOI) to explore ways in which they can bring a new risk management offering to the marine market.
The companies say they seek to utilize Rolls-Royce Ship Intelligence systems and equipment and AXA’s risk analytics capabilities to support current sailing and future vessels.
"Combining AXA’s Marine Underwriting expertise and Rolls-Royce Ship Intelligence will enable both companies to deliver higher customer value through continuous innovation,” said Mathieu Daubin, Marine Chief Underwriting Officer, AXA Corporate Solutions.
Rolls-Royce Ship Intelligence products, including the recently launched Intelligent Awareness product, use a wide array of sensors on-board, streaming data, allowing AXA Corporate Solutions to deliver a new level of service to marine vessels.
Karno Tenovuo, Rolls-Royce, SVP Ship Intelligence, explained, “Many of our products are designed to improve performance and safety on board. By working with AXA and their knowledge of risk we hope to further improve our customer’s operations. Insurers are a key part of our vision of the future and we are excited to have AXA, an equally innovative company join us on the journey.”
Rolls-Royce Ship Intelligence currently offers Intelligent Awareness, Energy and Health Management products, which utilize data and analytics to support maritime operations and provide a new level of insight.
This data may also be used with AXA to manage risks currently covered by their Hull and Machinery insurance, as well as new types of products and services to support customers in volatile and difficult shipping markets. AXA is currently working on insuring autonomous cars and this knowledge will play a key part in establishing standards for insuring autonomous ships.
Etienne Champion, CEO Asia-Pacific AXA Corporate Solutions, said, “This is a continuation of AXA’s commitment to support our customers in their operations through the use of new technologies and products. This cooperation will ensure our services are ready for the next generation of shipping and will accelerate our transformation from payer to partner.”
In the longer term, Rolls-Royce and AXA will look at the changing risk profiles of maritime operations driven by increasing levels of remote control and automation, as well as new maritime business models enabled by unmanned ships.
