[en] The maritime industry plays a key role in global trade and transportation, but it also poses unique risks and challenges for insurers. In recent years, the availability of maritime geospatial information and advancements in satellite technology and remote sensing capabilities have opened up new opportunities for the insurance sector. This paper explores the potential of harnessing maritime geospatial information for InsurTech advancements. We examine the data sources, including satellite imagery and Automatic Identification System (AIS) that provide valuable insights into vessel movements, traffic patterns, risk factors, and environmental conditions. Furthermore, we explore the challenges and opportunities associated with integrating geospatial information into InsurTech workflows, including issues related to data quality, scalability, and data privacy.
The application of data analytics and learning techniques in harnessing maritime geospatial information is also discussed. By leveraging the power of maritime geospatial information and InsurTech advancements, insurers can gain a comprehensive understanding of the maritime domain, enhance risk management strategies, optimize insurance products and pricing, and provide tailored insurance solutions to the maritime industry.
Research center :
NCER-FT - FinTech National Centre of Excellence in Research
Disciplines :
Electrical & electronics engineering
Author, co-author :
AL-HRAISHAWI, Hayder ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust > SigCom > Team Symeon CHATZINOTAS
ALSENWI, Madyan; University of Luxembourg/Interdisciplinary Centre for Security, Reliability and Trust (SnT)
CHATZINOTAS, Symeon ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > SigCom
External co-authors :
no
Language :
English
Title :
Harnessing Maritime Geospatial Information for InsurTech Advancements
Publication date :
06 November 2023
Event name :
Big Data from Space 2023 (BiDS)
Event organizer :
the European Commission's science and knowledge service
Event place :
Vienna, Austria
Event date :
2023
Audience :
International
Main work title :
Proceedings of the 2023 conference on Big Data from Space (BiDS 2023)
Publisher :
Publications Office of the European Union, 2023
Pages :
285-288
Peer reviewed :
Peer reviewed
Focus Area :
Security, Reliability and Trust
Development Goals :
9. Industry, innovation and infrastructure
FnR Project :
FinSAT: Automated Investment Advice using Artificial Intelligence on Satellite Data
Funders :
Luxembourg National Research Fund (FNR)
Funding number :
NCER22/IS/16570468
Funding text :
This research was funded in whole by the Luxembourg National Research Fund (FNR), grant reference NCER22/IS/16570468. For the purpose of open access, and in fulfilment of the obligations arising from the grant agreement, the authors have applied a Creative Commons Attribution 4.0 International (CC BY 4.0) license to any Author Accepted Manuscript version arising from this submission.
