The two companies have signed a Letter of Intent (LOI) which aims to jointly develop risk management products for unmanned ships.
As per the LOI, Rolls-Royce and AXA will explore ways in which they can combine their respective products, to bring a new offering to the marine market, utilising Rolls-Royce Ship Intelligence systems and equipment and AXA’s risk analytics capabilities to support current sailing and future vessels.
Rolls-Royce Ship Intelligence products, including the recently launched Intelligent Awareness product, use a wide array of sensors onboard, streaming data, allowing AXA Corporate Solutions to deliver a new level of service to marine vessels.
‘Many of our products are designed to improve performance and safety onboard,’ said Karno Tenovuo, Rolls-Royce, SVP Ship Intelligence. ‘By working with AXA and their knowledge of risk we hope to further improve our customer’s operations. Insurers are a key part of our vision of the future and we are excited to have AXA, an equally innovative company join us on the journey.’
Rolls-Royce Ship Intelligence currently offers Intelligent Awareness, Energy and Health Management products, which utilise data and analytics to support maritime operations and provide a new level of insight.
This data may also be used with AXA to manage risks currently covered by their Hull and Machinery insurance, as well as new types of products and services to support customers in volatile and difficult shipping markets. AXA is currently working on insuring autonomous cars and this knowledge will play a key part in establishing standards for insuring autonomous ships.
In the longer term, Rolls-Royce and AXA will look at the changing risk profiles of maritime operations driven by increasing levels of remote control and automation, as well as new maritime business models enabled by unmanned ships.