Dublin-based software company Skytek has entered a strategic partnership with global professional services group Aon.
The research initiative will help insurance organisations better manage marine, port and offshore risk.
Aon and Skytek will combine their expertise to offer the insurance and reinsurance industry space adapted software systems - supported by the European Space Agency (ESA) – to better manage marine, port and cargo risk.
The systems will use real-time satellite tracking allowing re/insurers to visualise the precise location of their insured risks alongside crucial vessel and cargo information.
Dr. Sarah Bourke, CEO of Skytek, said: "With Skytek’s technical solutions, in near real time, re/insurers 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."
In addition, the partnership will over the next two years embark on a multi-million research initiative to improve the reaction and response timeframe by insurance companies to major disasters, using the latest earth observation, artificial intelligence and data analytics technologies.
Welcoming the announcement, Minister for Training, Skills, Innovation, and R&D, John Halligan TD, said: "Skytek has an impressive track record and works with leading national and international clients including Nasa and the Irish Naval Service and this latest partnership further illustrates the wide variety of uses for its software."
Skytek offers business solutions using the latest mobile and internet technologies.
Its research partners include Airbus, Nasa, Trinity College, Ardmore Shipping, and the United Space Alliance.