Use Case

STREAMLINING INSURANCE PRICING WITH RISK ANALYTICS

The Problem

Accurately assessing maritime risk and setting appropriate premiums is crucial for insurance companies to maintain profitability and manage their underwriting portfolios effectively.

The Challenge

Traditional risk assessment methods may not capture the full spectrum of maritime risks, leading to inaccurate pricing and potential financial losses for insurers.

Example

By analysing historical maritime incidents and vessel performance data, Skytek can identify patterns and predict the likelihood of certain types of claims. This predictive risk assessment empowers insurers to tailor premiums to specific vessels and risk profiles, ensuring fair pricing and mitigating the risk of underwriting losses.

Solution

Skytek’s risk analytics platform employs advanced machine learning and artificial intelligence algorithms to analyse a vast array of data sources, including vessel characteristics, navigational history, weather patterns, ownership and operating profile and historical claims data. This comprehensive analysis provides insurers with a deeper understanding of maritime risks, enabling them to set accurate premiums and manage their underwriting portfolios more effectively, enabling insurers to proactively identify and mitigate risks, protecting their clients’ shipping fleets from potential losses.