George Devereese & Turloch Mooney: IHS Markit: Revealing the risks: inside shipping and containers (169)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 19 December 2021

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

The global pandemic and the shutdown of the Suez Canal in March highlighted the importance of the global supply chain and the risks involved in shipping goods around the world. Tracking what happens at sea is a major challenge, however, innovations in data and technology are now allowing insurers and businesses to track ship and cargo movements from start to finish. Matthew is joined on Podcast 169 by George Devereese and Turloch Mooney from IHS Markit, a global data provider and the primary source of information on vessels being used for international trade. The conversation covers how technology is being used in the real-time monitoring of vessels and the data and analytics IHS Markit provides to marine insurers to assist with underwriting, risk allocation, and claims investigation/mitigation. Talking points include: The main risks involved in container ship journeys How sensors are being used to track individual cargo containers Using data to forecast global supply chain delays Partnering with insurers and accessing IHS Markit data The next steps in supply chain and marine insurance innovation If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. Sign up to our newsletter for a fresh view on the world every Wednesday morning. Continuing Professional Development - Learning Objectives InsTech London is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech London podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. The Learning Objectives for this podcast are: Describe how maritime shipping data can be used in insurance Compare some of the possible ways to track containers Identify some of the additional uses of maritime shipping data If your organisation is a member of InsTech London and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 169 page of the InsTech London website or email [email protected] to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	Well, I am sure you're familiar with shipping containers and the ships that carry them.
0:17.8	And in the last 12 months, we've certainly heard a lot more about
0:21.3	the challenges of moving goods around the world. But do you ever wonder how they are insured
0:26.1	and the kind of risks they're insured for? Well, hello, I am Matthew Grant and if you've just found
0:31.1	us, welcome aboard. This week, we're talking to a company that many people may not have heard of,
0:36.2	but which has also been in the
0:37.7	news recently with the proposed acquisition by S&P. IHS market has been providing data and
0:43.3	analytics across a range of industries, including insurance. And for anyone wondering about
0:47.4	the valuation of some recent insuretech companies, IHS market evolution makes a great case study
0:53.1	for both organic growth and growth by acquisition.
0:57.1	Marine insurance, both hull, that's the ships, and the related exposures to cargo, is considered
1:02.1	today as one of the significant areas of opportunities for companies offering new ways to
1:06.8	understand the risk and loss potential in an area that until recently, at least, has
1:11.0	been something of a mystery to insurers.
1:13.5	I'm grateful to George DeVries and Ternak Muni from IHS Market for opening the doors
1:18.0	and allowing us to shine some light into the mysterious world of shipping containers
1:22.5	and a glimpse of what the future might hold.
1:31.1	Really. a glimpse of what the future might hold. Really interesting discussion today.
1:33.1	I think most of us,
1:34.1	well, all of us actually,
1:35.2	are exposed to what happens with shipping and containers
1:38.2	where wherever our goods come from around the world.
	...

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