AXA XL uses Arviem’s real-time cargo monitoring data to offer Data Driven Marine Risk Consulting to reduce and mitigate risks
26 Countries
Located in
20+years
Risk Consulting Know-how
400+
Risk Consultants
26 Countries
Located in
20+years
Risk Consulting Know-how
400+
Risk Consultants
PROJECT SUMMARY
The insurance industry is changing more quickly than ever, new technologies such as IoT and connected mobile sensor devices enable businesses to collect increasingly complex data helping to lower costs and improve risk engineering. With the aim to leverage the data hidden in global supply chains, AXA XL and Arviem jointly developed an IoT enabled, data-driven, Maritime Risk Consulting Service.
During the 6 months long duration of the project, AXA XL’s goal was to help the client’s risk management efforts by providing transparency into the movement and conditions of goods. Enriching the knowledge and experience provided by AXA XL’s risk management services with data on the environmental conditions and location of the cargo collected by sensor devices attached to cargo units of critical importance, AXA XL had the capabilities to uncover hidden transport damages and other inefficiencies supporting the the insured’s quality control process.
Additionally, the insured client was offered a real-time overview of higher risk and high value shipments in an easy to use online application to keep track of day to day safety risks before, during and after transportation. When unexpected disruptions occurred, the client was notified which enabled the client to take corrective action and detect potential delays early.
Benefits for client’ s supply chain risk management
✅ Reveal cargo mishandling hotspots
✅ Improve transport risk assessment
✅ Control risk strategy compliance
✅ Prioritize cargo inspections
✅ Reduce assembly waiting & idle time
✅ Avoid damages & delays pro-actively
✅ Surveil logistics service providers
Challenge
• the condition and location of insured cargo / goods
• accumulation of cargo value and risk
• exposure to risks / threats
SOLUTION
Help clients’ risk management and loss prevention efforts by:
• Real-time monitoring of the
location and condition of shipments in-transit via IoT sensor devices
• Incorporating 3rd party data flows (for e.g. weather data) to the service predicting risks before they happen
• Providing a ’full service’ package to the client ensuring easy implementation
KEY RESULT
The Stakeholder ́s (Insured client and Insurer) benefit equally from high level of transparency before, during and after the transport. By having access to data, they are more independent from the logistics service providers and are able to assess the risk of the transport themselves, detect damages early and all conditional processes can be coordinated more efficiently.
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DATA DRIVEN MARINE RISK CONSULTING IN ACTION
Overview of ongoing shipments
Based on the constant data stream on the location and condition of cargo, all ongoing shipments are visualized on a shipment map. This helps both AXA XL and the insured to know where shipments are exactly at any given time to plan and forecast the flow of cargo.
Shock recording in detail
Automated Notifications and Alerts
Whenever an unexpected event happens (shock, humidity,temperature fluctuation, door opening), or the cargo reaches a pre-specified location, automated notifications and alerts are sent to the client.
DATA DRIVEN MARINE RISK CONSULTING IN ACTION
Overview of ongoing shipments
Based on the constant data stream on the location and condition of cargo, all ongoing shipments are visualized on a shipment map. This helps both AXA XL and the insured to know where shipments are exactly at any given time to plan and forecast the flow of cargo.
Shock recording in detail
The environmental conditions of cargo are measured and reported. During the project a shock event was recorded in an other port of call along the vessel’s route. Without sensors this incident wouldn’t have been identified- neither by shippers, forwarders nor by risk consultants and cargo underwriters. Shippers were informed and careful cargo inspections were executed upon arrival to evaluate potential damage.
Automated Notifications and Alerts
Whenever an unexpected event happens (shock, humidity,temperature fluctuation, door opening), or the cargo reaches a pre-specified location, automated notifications and alerts are sent to the client.
Create your own success project with Arviem
ARVIEM
Arviem solves the challenges of obtaining visible and intelligent trade by offering real-time end-to-end cargo monitoring services. As the only full-service provider for real-time cargo monitoring on the market, Arviem provides exceptionally accurate location and quality condition monitoring of cargo throughout the global supply chain. Our leading-edge solution will provide global supply chain stakeholders with on-demand access to real-time, transport-related data.
This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 885924
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