Marine Assurance 2.0
Changing The Way We Approach Risk
Sanctions, emissions, labour, vessel behaviour – risk is evolving.
Along with it, the data available to assess these risks is growing in size and quality, and the technology available to process this data is now able to provide advanced analytical and business intelligence.
As a result, the way the industry must now approach risk assessment has changed.
Through the combination of new risk, new technologies, and new mindsets, the industry has now entered the age of Marine Assurance 2.0.
Marine Assurance 2.0 is now able offer far more to the business around it.
Through a new approach to risk modelling, digitalisation, and decarbonisation, Marine Assurance can now go beyond the fundamental aspects of safety and pollution prevention, leveraging comprehensive data sources and the latest technologies to deepen insight, drive policy, monitor compliance and streamline efficiency.
Marine Assurance 2.0 – The next step in the vetting evolution
The process known as vetting – the risk assessment of a vessel used to transport cargo by sea or inland waterways – has proven a key driver in the improvement of equipment and hardware condition on board vessels over the decades.
With a physical vessel inspection central to the vetting process, a direct correlation was witnessed in the fall in numbers, frequency and severity of incidents over the same period.
The additional focus upon management policies and processes brought shortly after the turn of the century, extended the scope of vetting and further decreased accidents and incidents.
Enhancing Safety and Vetting
As the industry now familiarises itself with the latest improvements and advances that the new SIRE 2.0 inspection regime, brings – placing a focus on human factors, increased inspection scope and photography – it is in no doubt that a similar effect upon vetting and further improved safety will be witnessed.
The Changing Face of Risk
In today’s geopolitical climate, however, the risks and challenges facing shipping are present in new forms. No longer can risk be evaluated by the physical inspection of the deck or a simple review of a ship’s characteristics.
In the age of global warming, decarbonisation and emissions targets can be as much as a reputation breaker as an oil spill and ever-increasing sanctions can instantly jeopardise a previously fully informed decision. This now means a simple ‘vet’ is no longer enough.
The purpose of Marine Assurance has Changed
In the era of digitalisation, Marine Assurance now underpins a whole operation. Still providing a view of the vessel’s condition and suitability, Marine Assurance now delves beyond fundamental aspects of vessel safety and pollution prevention, providing a complete oversight of compliance, environmental and operational efficiency throughout the whole supply chain.
Big Data and Artificial Intelligence opens a new realm of opportunity to learn from the vast datasets now available to Marine Assurance. Data Science powers intelligent decision-making, driving learning through statistical analysis, creating a feedback loop into newly informed assurance policies – creating a continuous improvement cycle.
Assurance revolution
For a future which demands safer, greener, more sustainable shipping, companies need more efficient, transparent and complete risk management processes.
Supporting energy majors and smaller shipping operations alike, MIS Marine’s products and solutions support operations of all sizes in embracing digitalisation and the benefits this new world has to offer.
Navigating Changing Risk
Marine Assurance underpins the wider business - enhancing everything from vessel selection and voyage planning to ongoing assurance, efficient communication, and optimised port calls
