Solutions for a Better Tomorrow
Marine Insurtech Platform
The Current Challenges
- Currently, it is difficult to assess and predict risks associated with maritime activities for marine insurance industry.
- There is a vast amount of data needed to be processed and uncertainty in frequency and severity of maritime incidents.
Our Innovation and Breakthrough
- Our innovative idea is to develop a Marine Insurtech platform, seamlessly connecting insurance underwriters, brokers, and customers through an innovative and technology-driven marketplace.
- Complementing the AI-driven risk assessment, the platform incorporates big data analytics to process and analyse vast amounts of maritime data. This encompasses data related to shipping routes, vessel specifications, weather conditions, and historical claims.
- By developing predictive models using machine learning algorithms, the platform can forecast potential risks and claims with greater accuracy.
- To ensure transparency, security, and efficiency in transactions, the project incorporates blockchain technology.
- The decentralised nature of blockchain offers a secure and transparent transaction ledger, reducing the risk of fraud and enhancing trust among participants.
The Impact
By addressing the industry pain points and delivering tangible benefits, the Platform significantly improves the accuracy of risk assessment, streamlines insurance processes, and ensures transparent and secure transactions. It enhances the efficiency of the entire insurance ecosystem.
Team Leader
Professor Kwok Po Ng, Dean, Faculty of Science
Interested in Our Innovation?
Contact us at itpr@hkbu.edu.hk to explore collaboration and partnership opportunities.