Develop a Real-Time Vessel Tracking and Risk Assessment Platform for Maritime Insurance

The client faces difficulties in accurately tracking offshore vessel locations and dynamically assessing exposure to high-risk zones, especially given the fluid nature of such zones and the dependency on manual reporting by vessel operators. This hampers timely premium adjustments and risk mitigation efforts, leading to potential financial exposure and operational inefficiencies.

A maritime insurance brokerage providing coverage for offshore vessels, requiring precise risk management and real-time tracking solutions to monitor vessel locations, voyage status, and high-risk zones.

• Implement a real-time vessel tracking system to monitor positions, courses, and speeds of offshore vessels.
• Develop a dynamic risk zone monitoring feature aligned with external authoritative sources, such as Lloyd's published high-risk zones.
• Automate risk exposure estimation to facilitate proactive premium adjustments and risk management.
• Create an intuitive, transparent, and user-friendly interface for policy management, tracking data visualization, and voyage analysis.
• Ensure system scalability, security, and high availability to support continuous operations in a critical industry environment.
• Improve data visibility and transparency for users, enabling quicker decision-making and risk reduction strategies.

• Real-time vessel position tracking using AIS technology via satellite data APIs.
• Visualization of vessel locations, courses, and speeds on interactive maps.
• Dynamic monitoring of high-risk zones with automatic updates from authoritative external sources.
• Automated calculation of vessel exposure to high-risk zones for risk estimation.
• Policy management dashboard for editing and managing insurance policies, fleets, risk zones, and voyages.
• Daily digest or notification system summarizing vessel movements, risk alerts, and policy updates.
• User interaction features such as editing risk zones, viewing historical voyage data, and exporting reports.

• AIS satellite data APIs for real-time vessel location tracking
• External data sources for high-risk zone updates (e.g., Lloyd's risk zone data APIs)

• High system availability and reliability to ensure continuous vessel tracking
• Scalability to handle data for a fleet of vessels and multiple risk zones
• Performance to process and visualize hundreds of variables in real-time
• Robust security measures to protect sensitive vessel and policy data
• Responsive user interface optimized for different devices and user roles

The platform aims to significantly enhance risk exposure assessment accuracy, enabling timely premium adjustments and risk mitigation. It is expected to improve data visibility and transparency, leading to better decision-making, reduced operational risks, and an anticipated increase in underwriting efficiency and profitability, similar to improvements observed in comparable maritime risk management projects.