Facing rising prices, an Icelandic tour operator is utilizing know-how powered by synthetic intelligence (AI) to reinforce security and slash insurance coverage premiums for its fleet of high-speed inflexible inflatable boats (RIB).
Reykjavík-based Whale Safari runs vacationer RIBs for whale and chook watching excursions in Iceland. From an insurer’s standpoint, the endeavor—which sees vessels that seat as much as 12 passengers reaching excessive speeds and g-force wave impacts—is inherently dangerous. To make issues worse for firms like Whale Safari, the common value of boat insurance coverage has elevated globally lately, up anyplace from 25% to 80% relying available on the market.
So the RIB operator teamed up with a pair of fellow Icelandic companies—tech firm Hefring Marine and insurer TM Insurance—to bolster passenger security and higher profile the chance of its operations, in the end decreasing its insurance coverage prices within the course of.
During the 2022 summer time season, Whale Safari put in Hefring Marine’s onboard AI-powered Intelligent Marine Assistance System (IMAS) answer, which gathers real-time information from vessel motions, engines and devices to offer safety- and efficiency-optimized pace steerage as determination assist to boat operators.
The answer is ready to predict anticipated impacts and generates pace steerage to optimize pace for prevailing sea circumstances whereas minimizing influence and vibration publicity. This not solely improves seakeeping efficiency and but in addition mitigates the chance of accidents to onboard personnel or harm to boats.
(Photo: Hefring Marine)
All information is collected to the IMAS Console cloud, which centralizes fleet information for determination assist, evaluation and reporting.
Following Whale Safari’s implementation and use of the IMAS answer, the concerned stakeholders agreed on entry to detailed experiences on the corporate’s journeys and operations, permitting for a transparent overview of the corporate’s efficiency, scope for enchancment and milestones to be met for the next seasons.
Confident within the IMAS’s advantages, TM Insurance granted Whale Safari a reduction on insurance coverage premiums and alternatives for additional financial savings with milestone achievements for the 2023 season.
(Image: Hefring Marine)
Reynar Ottósson, captain and CEO at Whale Safari, stated the corporate is now capable of provide a safer, extra inexpensive boating expertise for our passengers. “The IMAS system has already contributed significantly to reducing our operating costs through its data-driven insights and intelligent guidance, which have optimized vessel performance and management. As we continue to implement the IMAS system, we foresee even greater savings potential, particularly in the realm of fuel efficiency, further enhancing our commitment to providing an eco-friendly, cost-effective and unforgettable experience for our guests.”
Karl Birgir Björnsson, CEO and co-founder of Hefring Marine, stated, “Our partnership with Whale Safari and TM Insurance highlights the powerful impact of the IMAS system in enhancing safety and significantly reducing insurance costs for high-speed boats. We are committed to continuously showcasing the system’s capabilities in elevating safety, optimizing vessel performance and management, and minimizing operational expenses through data-driven insights and smart guidance.”
Methúsalem Hilmarsson, danger prevention specialist at TM Insurance, stated, “The IMAS system is a game-changer for us and for the boat insurance industry, enabling cost reductions while elevating safety in some of the most dangerous environments.
“The insurance industry has witnessed a steady increase in insurance premiums for boats, particularly high-speed passenger boats, which has posed a significant challenge. Hefring Marine’s innovative solution offers an excellent opportunity for TM Insurance to address this issue and continue providing value-adding, competitive insurance products to our customers. By leveraging advanced technology like IMAS, we can better manage risks and tailor our offerings to meet the evolving needs of the maritime industry.”
From left: Methúsalem Hilmarsson; TM; Karl Birgir Björnsson, Hefring Marine; Reynar Ottósson, Whale Safari (Photo: Hefring Marine)
