Bristol Startup Scoops Award In Transforming Maritime Risk And Insurance

Bristol-based tech startup Geollect has been announced as the winner of UK Hydrographic Office’s (UKHO) prestigious ADMIRALTY Marine Innovation Programme Challenge.

The award recognises Geollect’s innovation in unlocking access to data which will transform maritime risk and insurance. As the challenge winner, Geollect will collaborate with the UKHO, utilising marine geospatial data and expertise to develop an alpha product for the maritime insurance sector.

Geollect demonstrated how their technology could enrich underwriting, loss prevention and investigation functions for the maritime industry. By unlocking access to this data, these solutions will help experts across maritime insurance to increase awareness of hazards, understand the context for vessel behaviour and build a richer picture of the wider maritime environment.

UKHO is looking at ways Geollect’s data can enhance marine insurance products and reduce maritime risk. Geollect’s work has the capability to unlock and visualise UKHO’s extensive library.

Geollect specialises in using machine learning and geospatial intelligence techniques to collect, analyse and visualise vast amounts of data. They work with customers in defence, cruise lines and insurance to develop software that simplifies complex information and puts it in an easy to understand format that aids decision-making.

The data provided by UKHO will massively enrich Geollect’s solutions in the marine insurance sector. Products like electronic charts, bathymetry, CATZOC, wreck locations, offshore infrastructure and conservation areas will all help provide context for vessel behaviour. They also have the potential to shed light on claims patterns and could identify more factors that are predictive of loss and shine a light on what might constitute reckless behaviour in the maritime industry.

Geollect COO Richard Gwilliam said:

“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 data for insurance clients and recognise its potential to add real value across the blue economy.

As well as accessing impactful data, we are really looking forward to working alongside experienced specialists from the UKHO. Between us 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.”