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North P&I in AI-backed risk profile partnership

North P&I Club has partnered with Petredec and Orca AI to improve risk visibility and cut marine insurance costs.

The partnership will use data from Orca’s AI navigation and collision avoidance system installed on Petredec vessels Earth Summit, Silvio, and Dancing Brave. The ships’ patterns of behaviour and risk profiles will be used both to empower crews to make better decisions and to give insurers more detailed information on a vessel’s risk profile.

Orca AI’s system is designed to support ships in difficult-to-navigate situations, adding vision and thermal cameras and an AI-backed algorithm to monitor a ship's surroundings and warn of dangerous situations. While the system was developed to reduce accidents, the data it collects can be used by insurers to get a better view of a vessel’s operation and related risks.

“We’re excited to be part of this transformational project and are supportive of any initiative that improves the risk profile of entered vessels within the Club’s membership and helps reduce the number of incidents on the water,” said North P&I Club Director of Loss Prevention, Colin Gillespie.

Petredec Fleet Technical Manager Neil Giles said the company sees significant potential to improve navigational awareness and learn from difficult situations using Orca AI’s system.

Yarden Gross, CEO and co-founder of Orca AI said “Insurance rates are steadily increasing, and they represent a major expense for shipping companies. Both Petredec and North P&I understand that fundamental changes are inevitable in the maritime industry and they have chosen to support Orca AI in discovering what lies ahead and help form the future.”

TAGS: Tankers
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