Skytek and Aon in space-based tie-up
Dublin-based software company Skytek has entered a strategic partnership with professional services group Aon.
The two firms will combine their expertise to offer the insurance and reinsurance industry space-adapted software systems - supported by the European Space Agency - to better manage marine, port and cargo risk.
The systems will use real-time satellite tracking allowing reinsurers to visualise the precise location of their insured risks alongside crucial vessel and cargo information.
Skytek CEO Dr Sarah Bourke said: "With Skytek's technical solutions, in near real-time, reinsurers have the ability to visualise and monitor risk thresholds and receive appropriate alerts where established risk concentrations have been exceeded.
"It is also possible to identify asset movement patterns over a number of years."
Over the next two years the two companies will also embark on a multimillion-euro research initiative to improve the reaction and response time frame by insurance companies to major disasters, using the latest earth observation, artificial intelligence and data analytics technologies.
Skytek's research partners include Airbus, Nasa, and Trinity College.