By Daniel George Teleoaca | Chief Engineer Unlimited The engine room of 2030 will not look like the engine room of 2010. For decades, the Chief Engineer’s job was simple: Keep the RPMs steady, keep the fuel flowing, and fix what breaks. But the introduction of CII (Carbon Intensity Indicator) and EEXI (Energy Efficiency Existing Ship Index) has changed the game forever. Today, a Chief Engineer…

SMART SHIP DIGITAL PLATFORM FOR NEW AGE MARITIME INSURERS & REINSURERS

With business models getting disrupted across industries, digital automation has thrown open multiple opportunities for Global Maritime Insurers to serve better the maritime logistics ecosystem while launching newer products and services. IOT maritime & smart Sensors are helping in determining risks precisely. Moving away from traditional noon reports and indicators such as vessel age, make, yard, machinery running hours, dry dock status etc. to more relevant: Live vessel data from machinery & bridge will enable accurate risk assessments for underwriters with data driven intelligence and guidance. By 2020, Logistics, transportation & utilities will account for up to 50% of $ 250 bn B2B investment in IOT. Maritime will be one of the biggest beneficiary of this digital transformation, with higher operational margins, lower vessel downtime, enhanced asset utilization & increased security.

LIVE MARITIME DATA ON MOBILE : Insurers can fetch Vessel, Voyage, Cargo, Berthing, weather data along with predictive analytics on Mobile.

INSURER OPPORTUNITIES

·         New revenues with analytics based on data telemetry

·         Dynamics pricing

·         Sensor data for loss notification

·         Predict risks & prevent any losses

·         Effective customer connect

IOT OPPORTUNITIES:

·         Vessel Machinery Data: With about 50% of the claims under H&M, Vessel condition monitoring to enable insurers with real time health update of the machinery (including historical status as well as projected future state).

·         Cargo Condition:  tracking and monitoring condition of cargo during and post voyage helps insurers asses accurately for risk & liability.

HULL & MACHINERY INSURANCE: Representing at least 40% of the costs, Main engine, DG Set (Aux Engine) are critical insurance components in the vessel along with other vessel machinery. Impacts due to: Incorrect repairs, Inexperienced fleet personnel without formal engine training, missing out on observing critical machine deviations parameters results in vessel down time along with losing out on maintaining ETA.

Under water rovers help in assessing Hull damage and its impact on Vessel Performance: Data parameters directly made available to Insurers on their cloud. Substantial claims happen under H&M category & it directly impacts fuel consumption, Voyage profitability, ETA of the vessel.Insurers can track live Vessel parameters and monitor relevant “charter party agreement terms” leading to reliable low risk vessel & voyage.

CARGO INSURANCE: Ship Owners & Insurers can actively track Cargo condition, physical storage & port logistics through smart sensors. Cargo on-board Containers, Bulkers, Tankers can be tracked for: damage, loading/ offloading procedures, ambient temperature/ pressure/ humidity and host of other parameters. An effective tool for insurers to TRACK, MONITOR, MANAGE & PREDICT.

VESSEL HEALTH & CONDITION MONITORING: Analytics based on historical & live machinery data gives wide range of condition monitoring system on ship options. Insurers can configure Smart Alerts, Notifications for deviation or possible breakdown scenarios in advance. Vessel reliability & up time can go up by up to 30%.

Insurers rely on data driven factual Risk & liability assessment and ship performance monitoring for control and predictability of maritime operations.

OPPORTUNITIES  FOR INSURERS & RE-INSURES 

·         Rich information pertaining to risk & liability

·         Launching flexible & hybrid insurance models based on data analytics & intelligence

·         Introducing value added SaaS services for a segment of Maritime Owners, along the lines of: Maintenance Recommendation, Voyage Prediction, Risk Assessment, Continuous Vessel & Voyage Tracking

·         Command & Control center services linked to category of Insurance & market segment With costs coming down sub $20000 per vessel for data telemetry & analytics : this can be an additional subscription revenue model for Insurers

Smart Ship Onboard machine diagnostics & smart alerts predict equipment failure and improve reliability leading to lesser downtime. Smart Ship onboard fetches large number of real time measurements and data from various equipment for continuous monitoring and analytics. Live data procured continuously from equipment including ME, AE, Boiler, Incinerator, Slip, GPS, Log, Anemometer apart from additional information from AMS , PMS , Bridge bring in necessary intelligence through various comparatives, historical analysis, deviation from standards , projected performance measures etc.

Accurate & timely data from the vessels for higher vessel reliability, savings in fuel consumption, tracking emissions & enhancing vessel performance. Data analytics driven business intelligence is making ships smarter with on demand trends and projections