Clearwater works with Norway’s maritime war risk insurance club (DNK) to develop ground-breaking digital solutions for maritime insurance market
UK-based technology company, Clearwater Tracking, has teamed with DNK (Den Norske Krigsforsikring for Skib), the Norwegian maritime war risk insurance club, to provide DNK members with a state-of-the-art hardware and software solution that enables near real-time monitoring of ship positions and breach reporting, all fully integrated into the Clearwater Portal.
The unique system has been developed jointly between the two parties to offer fleet operators a cost-effective approach to automate war risk insurance reporting requirements, including direct integration into DNK’s back-office functionalities, and provides a platform to enable other digital services to Norwegian fleet owners.
Clearwater Tracking and DNK have partnered to provide the first end-to-end truly digital platform for maritime insurance, operations and management, deploying advanced satellite technology from ORBCOMM for cost-effective, near real-time data on vessel position, breach reporting and other on-board information
DNK insures some USD 224 billion in assets and is the world leader in marine war risk insurance. Some 470 shipping companies are covered by the association against possible damage resulting from war, terrorism, piracy and cyber attacks. A strong commitment to damage prevention through intelligence-gathering and other security measures has been made by DNK over many years, and the new system strengthens this capacity.
Until now, reporting when a ship enters or leaves a high-risk area has depended on manual routines. Each ship owner is responsible for filing reports directly to DNK. Using the Clearwater technology, all reporting is now automated and interfaces directly with the Paris insurance system delivered by Norway’s Noria company, eliminating delays or errors which may invalidate insurance.
The Clearwater solution features the advanced high-capacity Raptor satellite transponder, developed in partnership with Orbcomm Inc. (Nasdaq ORBC), a market-leading provider of industrial Internet-of-Things solutions, and a software suite that includes the Clearwater Portal supported by a 24-hour operations cell that provides crisis management response and global maritime intelligence alerts. Collectively, the solution will also provide customers with access to the most comprehensive and intuitive maritime domain awareness tools in the market.
Raptor’s low-cost data transmission capability will enable fleet operators to access near real-time vessel positioning and any other on-board information that can improve both the efficiency and overall effectiveness of fleet operations and management. Clearwater and DNK have agreed a programme of installations covering 2,700 vessels.
Developed jointly by Clearwater and DNK over the last 18 months, the bespoke technology offers the first end-to-end truly digital platform for the maritime insurance market.
“The insurance business is witnessing rapid technological progress characterised by digitalisation and the interconnection of systems,” said DNK Chief Executive Svein Ringbakken.
“Our ambition in DNK is to be among the leaders of this development within marine insurance. The digital tracking system being offered to shipowners has been chosen primarily because it automates time-consuming processes on the insurance side. 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.”
“DNK has been an inspirational partner to work with and the solution that we have jointly developed is truly a market-leading innovation,” said Clearwater CEO, William Unwin. “The project represents a striking example of digital enterprise delivering tangible benefits to the Norwegian maritime community. DNK and Clearwater intend to scale this valuable innovation for the benefit of the wider marine markets.”
Source: Clearwater Tracking