TM Insurance, Iceland’s leading marine insurer, has taken a significant step in enhancing maritime safety and risk management by partnering with Hefring Marine, a pioneering developer of AI-driven maritime solutions. Through this collaboration, TM Insurance is introducing Hefring Marine’s IMAS Helm system to its fleet clients, aiming to improve safety, reduce accidents, and lower insurance costs.
This partnership reflects TM Insurance’s commitment to leveraging cutting-edge technology to boost its loss prevention strategies, particularly for fast craft operators, including rigid inflatable boats (RIBs). The integration of AI into marine insurance promises to transform how risks are managed in the sector.
Embracing AI for Safer and Smarter Marine Operations
Hefring Marine’s IMAS Helm system is an onboard Artificial Intelligence solution designed to support decision-making in real time. Specifically tailored for fast commercial vessels, it addresses two critical challenges in fleet operations: accident prevention and fuel efficiency. By continuously learning from the vessel’s handling and environmental conditions, the AI system provides fast craft operators with guidance on safe speeds, optimized routes, and real-time navigation support.
The IMAS Helm system comprises two key components: the Control Unit and the Sensor Unit. The Control Unit processes data from the vessel’s systems and the Sensor Unit to provide actionable insights for operators. Both units are designed for easy installation on existing vessels or new builds, offering flexibility and convenience. The Control Unit integrates with most onboard systems, while the Sensor Unit collects critical performance data such as acceleration, speed, and route conditions. The system’s IP67 rating ensures durability in tough marine environments.
Through real-time data analysis and AI-powered insights, the IMAS Helm system optimizes fuel usage and reduces carbon emissions while significantly enhancing operational safety. This innovation aligns with modern fleet management’s growing focus on both safety and sustainability, making it an essential tool for fleet operators looking to minimize risks and environmental impact.
A Forward-Thinking Partnership
TM Insurance, established in 1956, holds a 46% market share in Iceland’s marine insurance sector. Originally founded to serve the commercial marine industry, TM has grown into a leading name in Icelandic insurance, with a focus on loss prevention. The company’s collaboration with Hefring Marine builds on its longstanding commitment to safety and innovation.
Recognizing the high-risk nature of insuring fast craft, TM saw an opportunity to enhance its loss prevention strategies by partnering with Hefring Marine. Operators of RIBs, in particular, face a heightened risk of accidents due to rapid speed changes and challenging sea conditions. TM Insurance has placed significant emphasis on preventing injuries, especially those related to neck and back trauma caused by sudden jarring motions at sea.
Sigurður Jonsson, Insurance Consultant at TM Insurance, highlighted the importance of this partnership “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. Hefring’s IMAS Helm system offers a significant improvement in loss prevention by providing real-time data on vessel operations. The system helps mitigate risks, enhancing safety and reducing the likelihood of costly claims.”
Incentives and Positive Results
TM Insurance has introduced a special renewal bonus for clients who install and actively use Hefring Marine’s IMAS Helm system. Customers who remain claim-free throughout the year are rewarded with this bonus, making the system a cost-effective safety investment. The initial testing phase of the Hefring system with one of TM’s clients has already yielded promising results, with no claims filed by customers using the AI-driven safety technology.
Hefring Marine’s CEO and Founder, Karl Birgir Björnsson, underscored the system’s multiple benefits “Not only does IMAS Helm record all data around skipper behaviors, such as hull accelerations, tracks, and speeds, which can be used to counter spurious claims, but its data is also invaluable for training skippers and modifying their behaviors to reduce the likelihood of future incidents.”
One of TM’s major clients, which operates 30% of Iceland’s RIB passenger boats, has already adopted the IMAS Helm system. TM anticipates that by the end of the summer season, 50% of the RIBs it insures will be equipped with Hefring’s technology. Notably, no claims have been reported by customers using the system, indicating its effectiveness in enhancing safety and preventing accidents.
While the system does not yet expedite claims processing, the comprehensive data it collects assists in investigations and offers substantial financial benefits to customers through the renewal bonus. Additionally, the system’s ability to improve fuel efficiency and reduce carbon emissions provides an environmental advantage, further enhancing the value of the technology.
Impact on Skipper Behavior and Broader Applications
The collaboration between TM Insurance and Hefring Marine demonstrates how AI can positively influence skipper behavior. By monitoring real-time operational data, the IMAS Helm system encourages safer practices, helping skippers avoid risky maneuvers that could lead to accidents. TM has already observed a marked improvement in skipper behavior among clients using the system, further validating its impact.
TM’s use of the IMAS Helm system marks a significant step forward in the marine insurance industry. Although the company has not yet introduced similar technologies in other sectors, the success of this partnership may pave the way for broader applications of AI-driven safety systems in insurance.
A New Era in Marine Insurance
TM Insurance’s partnership with Hefring Marine represents a pioneering approach to marine insurance. By embracing AI technology, TM is not only enhancing safety and reducing risks but also providing tangible financial benefits to its clients. The integration of Hefring’s IMAS Helm system into TM’s loss prevention strategy underscores the insurer’s commitment to innovation, safety, and customer satisfaction.
This groundbreaking collaboration could set a new standard for the marine insurance industry, where advanced monitoring and guidance systems help reduce risks, lower insurance premiums, and promote safer marine operations.
About Hefring Marine
Hefring Marine is an Icelandic technology company specializing in advanced maritime solutions for professional vessel operators and fleet managers. Their flagship product, IMAS, is an AI-driven onboard system that collects vessel data to provide real-time decision support, enhancing safety and fuel efficiency. Hefring Marine serves various workboat sectors, including pilotage, fisheries, crew transfer, rescue, defense, and law enforcement. Through their innovative solutions, Hefring Marine helps clients improve crew safety, operational efficiency, and environmental sustainability.
Source Hefring Marine