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Rolls-Royce and AXA in LOI on risk reduction and autonomous ships

Engineering giant Rolls-Royce and insurance firm AXA Corporate Solutions have agreed to explore how Rolls-Royce Ship Intelligence products and AXA’s risk analytics capabilities can support current and future vessels.

Through launching its Intelligent Awareness product, Rolls-Royce Ship Intelligence has expanded its development of sensors and streaming data, which will allow AXA Corporate Solutions to deliver a new level of service to marine vessels.

Karno Tenovuo, Rolls-Royce, SVP Ship Intelligence, said: “Many of our products are designed to improve performance and safety on-board.

“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.”

Etienne Champion, CEO Asia-Pacific AXA Corporate Solutions said: “This is a continuation of AXA’s commitment to support our customers in their operations through the use of new technologies and products.

“This cooperation will ensure our services are ready for the next generation of shipping and will accelerate our transformation from Payer to Partner.”

Rolls-Royce Ship Intelligence currently offers Intelligent Awareness, Energy and Health Management products, which utilize data and analytics to support maritime operations and provide a new level of insight.

AXA can use this data 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.

Mathieu Daubin, Marine Chief Underwriting Officer, AXA Corporate Solutions said: “This cooperation reflects AXA’s continued strong focus on our Marine Specialty line of business and supports our Payer-to-Partner strategy, in line with Ambition 2020.

“Combining AXA’s Marine Underwriting expertise and Rolls-Royce Ship Intelligence will enable both companies to deliver higher customer value through continuous innovation.”

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