Rolls-Royce and risk management firm AXA Corporate Solutions on Monday announced they have signed a Letter of Intent (LOI) to explore ways to jointly develop risk management products for autonomous shipping.
Under the LOI, the company’s will seek ways in which they can combine their respective products to bring a new offering to the marine market, utilising Rolls-Royce Ship Intelligence systems and equipment and AXA’s risk analytics capabilities to current and future vessels.
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.
Rolls-Royce Ship Intelligence currently offers Intelligent Awareness, Energy and Health Management products, which utilise 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, which is expected to play a key part in establishing standards for insuring autonomous ships.
Karno Tenovuo, Rolls-Royce, SVP Ship Intelligence said: “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.”
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.
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.”
Mathieu Daubin, Marine Chief Underwriting Officer, AXA Corporate Solutions said: “This cooperation reflects AXA’s continued strong focus on our Marine Specialty line of business and supports our Payer-to-Partner strategy, in line with Ambition 2020. Combining AXA’s Marine Underwriting expertise and Rolls-Royce Ship Intelligence will enable both companies to deliver higher customer value through continuous innovation.”