UK MOD crowns Geollect winner of Marine Insurance Challenge
Contestants were asked to demonstrate the utility of geospatial data in enhancing maritime-based insurance products
Blending layers of data together
Founded in 2017 and with offices in Bristol, London and Washington DC, ’s staff is composed of professionals from within the UK and US intelligence communities and leading academics, making it ideally prepared to handle large volumes of complicated data and refine it into high-quality decision making.
With regards to its innovative thinking during the challenge, the UK MOD Geollect’s use of data sets like “bathymetry, maritime limits and AIS heatmaps” to enrich compliance, underwriting and loss prevention capabilities.
“As pioneers of new automated data driven solutions, we are really proud to have been selected to participate in this programme. We’ve successfully incorporated UKHO (UK Home Office) data for insurance clients and recognise its potential to add real value across the blue economy,” said Richard Gwilliam, COO.
“Between [UKHO and Geollect] we can develop effective solutions to address challenges in a number of areas of maritime risk. Adding the powerful UKHO brand will turbocharge our product offering and we can really help bring their data to life.”
Insurance: Recognising the value of data
Unlocking the value of data is clearly paramount to the continued success of insurance, particularly in the highly complex and volatile environments such as the sea.
In addition to commending Geollect on its victory in the Challenge, Mark Casey, Head of Research, Design and Innovation at the UKHO, emphasised this message to the wider industry:
“Ultimately, insurance providers need access to the widest range of accurate data that can help them quantify the risks ships face. By integrating a wider range of geospatial information into their products, Geollect can help the sector develop a greater understanding of the maritime environment.”
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)