UKHO launches new innovation challenge to accelerate geospatial data use in maritime risk and insurance sector

TAUNTON, UK – 27 OCTOBER 2020: As part of the ADMIRALTY Marine Innovation Programme, the UK Hydrographic Office is inviting innovators and start-ups to develop new solutions for the maritime risk and insurance sector using ADMIRALTY data.

For the maritime insurance sector, access to accurate and reliable data is essential to help quantify risks faced by shipping companies and create the best insurance products to support their customers.

As part of the UKHO’s new innovation challenge, participants will have access to ADMIRALTY data that can provide valuable insight into risk and asset management not yet available that is spread over a large geographic area and historic period. These participants will be asked to identify, trial and prove how this data can be used to help build more accurate risk models that can lead to even better underwriting decisions and improved maritime insurance products.

All submissions for this challenge will be reviewed by a panel of experts, with the winners receiving 12 weeks of hands-on support and ADMIRALTY data worth around £75,000 to develop a product for a market estimated to be worth £18.5 billion by 2030.

To take part, participants will need to register on the ADMIRALTY website and submit their solutions by the 20th November 2020.

You can register and find more details on the Maritime Risk and Insurance challenge here: admiralty.co.uk/innovation-programme/maritime-insurance-challenge

Details on the overall ADMIRALTY Marine Innovation Programme can be found here: admiralty.co.uk/innovation-programme

You can find out more about this sector in the UKHO’s latest report: https://www.admiralty.co.uk/AdmiraltyDownloadMedia/Innovation%20Programme/UKHO%20Blue%20Economy%20Research%20-%20Maritime%20Insurance.pdf