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

MAY 14, 2018 — Rolls-Royce has signed a Letter of Intent (LOI) with AXA Corporate Solutions, an offshoot of Paris headquartered multinational insurer AXA. The two companies are to explore ways in which they can bring a new offering to the marine market, utilizing Rolls-Royce Ship Intelligence systems and equipment and AXA's risk analytics capabilities to support current sailing and future vessels.

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.

AXA is currently working on insuring autonomous cars and this knowledge will play a key part in establishing standards for insuring autonomous ships.

Rolls-Royce Ship Intelligence products, including the recently launched Intelligent Awareness product, use a wide array of sensors on-board, streaming data, allowing AXA Corporate Solutions to deliver a new level of service to marine vessels.

Mathieu Daubin, Marine Chief Underwriting Officer, AXA Corporate Solutions said: "Combining AXA's Marine Underwriting expertise and Rolls-Royce Ship Intelligence will enable both companies to deliver higher customer value through continuous innovation."

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.

This data may also be used with AXA to manage risks currently covered by its 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.

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