Teekay’s risk managers have to track over a hundred ships around the world. The Joint War Committee defines standard war zones but many risk managers agree insurance terms for their own defined zones, ports and terminals.
Teekay operates its vessels on a charter basis. The insurance cost based on the charterer usage can be charged back to the charterer. However, a ship owner must get its advice (invoice) for the insurance out to the charterer within a defined time period.
Before adopting Insurwave, the ship’s captain would email Teekay’s risk management team, who would email the insurance broker, who would then be updated about the beginning, middle and end of each voyage for every ship. The insurance broker may have had to calculate premiums manually, interpret emails about vessel location and refer to the slip for valuation and calculation terms.
The insurance broker may also have had to endorse a policy via email or phone, or even in person, while trying to produce the invoice within the specified time period. Then they would have to go back to the insurers to receive authorisation.
All this was costly, slow and led to inaccurate reporting: you don’t really have the data you need to know your live exposures, and most importantly, to know that you’re covered when things go wrong.
Teekay’s risk managers have to track 100 ships around the world. The Joint War Committee defines standard war zones but many risk managers agree insurance terms for their own defined zones, ports and terminals.
Teekay operates its vessels on a charter basis. The insurance cost based on the charterer usage can be charged back to the charterer. However, a ship owner must get its advice (invoice) for the insurance out to the charterer within a defined time period.
Before adopting Insurwave, the ship’s captain would email Teekay’s risk management team, who would email the broker, who would then be updated about the beginning, middle and end of each voyage for every ship. The broker may have had to calculate premiums manually, interpret emails about vessel location and refer to the slip for valuation and calculation terms.
The broker may also have had to endorse a policy via email or phone, or even in person, while trying to produce the invoice within the specified time period. Then they would have to go back to the insurers to receive authorisation.
All this was costly, slow and led to inaccurate reporting: you don’t really have the data you need to know your live exposures, and most importantly, that you’re covered when things go wrong.
Insurwave offers a connected experience that makes it better and cheaper for everyone, eliminating administration, and unlocking the power of real time risk data.
Insurwave digitised contract terms with Teekay, the broker and the insurer, codifying what is charged in each war zone depending on how long the vessel is there and which ports it visits. Insurwave digitised Teekay’s fleet, connecting digital records of each vessel with real time risk and location information from the Internet of Things.
Insurwave connected Teekay with its insurance broker digitally, giving both parties access to the data they need – via automated email notifications or on the platform itself. Everyone has the same live information, meaning reconciliations are a thing of the past.
The platform is automatically triggered when Teekay’s vessel is entering and leaving a war zone, resulting in algorithmic premium calculation, document and invoice production and notification.
Insurwave provides a connected digital experience to ship owners, brokers and (re)insurers. Through facilitating insurance on a single, shared platform, much of the admin – and associated errors – are eliminated. Most importantly, cover certainty is ensured for everyone, and that is underpinned by live, auditable risk and exposure data everyone can rely on.
