A collaboration between Iceland’s largest marine insurer and Hefring Marine, believed to be a market first, could represent a significant step forward in marine insurance.
TM already integrates cutting-edge technologies into its operations. In the private sector, TM offers web-based automated underwriting and a TM app for automatic claims handling. This commitment to innovation extends to the marine sector through its collaboration, designed to incentivise safety and ultimately reduce insurance costs for customers, with Hefring Marine, a pioneer in AI-driven maritime guidance systems.
TM Insurance offers a special renewal bonus to clients who install and use the Hefring IMAS Helm system, provided they have no claims during the current year. The system addresses two critical aspects of fleet operations: accident prevention and fuel efficiency. This initiative began during the initial testing phase of Hefring's system with one of TM’s clients and has shown promising results.
Sigurður Jonsson, Insurance consultant at TM Insurance says, “Insuring fast commercial craft like RIB passenger boats poses unique challenges, primarily due to the potential for severe accidents and injury claims, especially around back and neck injuries that can be sustained by rapid or unexpected jarring motions caused by inappropriate speed or manoeuvres.
“Hefring’s IMAS Helm system offers a significant improvement in loss prevention. By providing real-time data and analytics on vessel operations, the system helps mitigate risks and enhance safety, reducing the likelihood of costly claims.”
According to Karl Birgir Björnsson, CEO and Founder at Hefring Marine, the system has more than one benefit to bring to the marine insurance market, “Not only does IMAS Helm record all data around skipper behaviours, such as hull accelerations, tracks and speeds that can be used to counter spurious claims, its data is also invaluable to train skippers and modify existing skippers behaviours to reduce the likelihood of future incidents.”
One of TM’s major clients, operating 30% of Iceland's RIB passenger boats, has already adopted the Hefring system. TM anticipates that by the end of the summer season, around 50% of the RIBs it insures will be using Hefring’s technology. Notably, no claims have been filed by customers using the Hefring system, suggesting its effectiveness in enhancing safety.
