The UK Hydrographic Office (UKHO) has announced that the geospatial intelligence technology provider Geollect has won its ADMIRALTY Marine Innovation Programme challenge.
Launched last year, the program aims to help start-ups and innovators develop new solutions that support safe, secure and thriving oceans. This year’s second innovation challenge focused on Transforming Maritime Risk and Insurance, tasking entrants with identifying, trialing and proving how marine geospatial data can be used to enhance maritime insurance products.
For the challenge, Geollect demonstrated how marine data sets such as bathymetry, maritime limits and AIS heatmaps, could enrich a number of dashboards that assist with sanction compliance, underwriting, loss prevention and investigation functions.
“Ultimately, insurance providers need access to the widest range of accurate data that can help them quantify the risks ships face,” said Mark Casey, Head of Research, Design and Innovation at the UKHO. “By integrating a wider range of geospatial information into their products, Geollect can help the sector develop a greater understanding of the maritime environment.”
As the winner of the challenge, Geollect will collaborate with the UKHO in utilizing marine geospatial data and expertise to develop an alpha product for the maritime insurance sector.
“As well as accessing impactful data, we are really looking forward to working alongside experienced specialists from the UKHO,” said Geollect’s Chief Operating Officer, Richard Gwilliam. “Between us we can develop effective solutions to address challenges in a number of areas of maritime risk. Adding the powerful UKHO brand will turbocharge our product offering and we can really help bring their data to life.”
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