DNK adds internet-of-things service to war risk insurance
The Norwegian Shipowners' Mutual War Risks Association (DNK) has brought the latest internet of things solution to marine insurance.
It has fitted an encrypted digital tracking system to 2,700 ships in its insured fleet that automatically records when the vessel enters and leaves a war risk area.
The shipowner no longer has to manually report when a vessel has entered or departed the war zone and the war risk insurance is automatically renewed or withdrawn.
An important aspect of the system is that it places the responsibility to report the vessel on the service provider rather than the shipowner.
Insurwave could expand into cargo, aviation and energyMaersk Line operates a similar system in its blockchain programme Insurwave, a joint venture with accountancy firm EY.
The DNK technology has been developed jointly with Clearwater Tracking. The project is also opening up the opportunity for shipowners to add on additional sea-to-shore connectivity.
“The insurance business is witnessing rapid technological progress characterised by digitalisation and the interconnection of systems. The digital tracking system being offered to shipowners has been chosen primarily because it automates time-consuming processes on the insurance side,” DNK chief executive Svein Ringbakken said.
“However, it’s also important that our member companies get the opportunity to use the information in their own operations and that other sensors can be tied in.”
