London, United Kingdom – 21st September 2024

When to Release: 23rd September 2024.

CompareYachtInsurance.com announce the launch of Yachtech Insurance, a revolutionary telematics product for the yacht and boat insurance industry. Yachtech is a cutting-edge product offered by the online aggregator that promises to revolutionize the pleasure craft insurance industry in a drastic shake up of the status quo.

The concept has followed in the footprints of the car insurance telematics industry, whereby vehicles are fitted with data gathering devices that report back to underwriters. Yachtech have taken this approach and gone a step further in their collaboration with Howden Driving Data to build an industry first hardware and software offering that is set to improve underwriting results across the board.

As part of the new product offering, yacht and boat owners will be provided with a smart monitoring device that connects to their onboard system. This smart monitoring device allows yacht and boat owners to monitor the vital and key systems of their vessel directly on their smart phone from the comforts of anywhere in the world. Yachtech have built in a variety of intelligent algorithms that monitor the vessel remotely, and notify the yacht owner when there is something untoward. Such as the vessel exiting a geofence, batteries draining, high water alerts, trip logging, engine hours logging and much more.

For the first time in Yacht Insurance history, underwriters will have access to unparalleled levels of data surrounding individual assets as well as segments of their portfolio. The Yachtech team have been working tirelessly for the past year to deliver a portal whereby underwriters can assess trends in real-time, pertaining to the usage, weather conditions, vessel conditions and much more. Marcel Herrera, CEO at CompareYachtInsurance.com, has hailed the Yachtech software as a “significant advancement for underwriters looking to access new data points to reinforce their underwriting experience”. He goes on to say that “We are extremely honoured and privileged to have worked with the team at Howden Driving Data to develop this next-gen insurance telematics software to the market. Their expertise is unrivalled, and together we have been able to shape an extremely exciting insurance product that we know underwriters will love for all of it’s data benefits”.

Built in Collaboration with Howden Driving Data

YachTech was developed in partnership with Howden Driving Data, a leader in innovative insurance technology solutions. The collaboration between CompareYachtInsurance.com and Howden Driving Data ensures that YachTech leverages the latest advancements in data analytics and telematics to provide robust, real-time insights.

Barney Thompson, Director of Business Development at Howden Driving Data, commented on the collaboration: "We are thrilled to have partnered with CompareYachtInsurance.com on the development of YachTech. By combining our expertise in data-driven technology with their deep understanding of the yacht insurance market, we have created a revolutionary product. YachTech empowers insurers with the data they need to make more informed decisions, ultimately enhancing both risk management and customer satisfaction. We believe this partnership sets a new standard for the industry."

Insurance Integration

The Yachtech Portal integrates into any digital yacht MGA that has API capabilities. At inception, the Yachtech smart monitoring device is couriered directly to the policy holder along with self-installation instructions. The policy holder’s installation is monitored and guided through a bespoke CRM system at every step of the way.

As soon as the device is live, the policy holder and the insurer will be able to access the real-time monitoring in their designated app/portal.

Portfolio Monitoring

Underwriters will now for the first time ever have live fleet monitoring capabilities. This allows them to see where their portfolio’s aggregates are in real-time, as well as based on their declared home port. Exposure management has never before been this accurate and up to date, providing underwriters with confidence and actionable insights to plan and deploy any catastrophe response.

Market Distribution

Yachtech Insurance are currently establishing a worldwide distributor network that is based on Geographical spread. Yachtech will be available to yacht owners through a bespoke yacht insurance policy in the UK and European market, distributed through an MGA of an already established and highly performing insurer.

Commercial licenses are currently available to MGAs and insurance programs for utilising the yachtech platform, and Yachtech encourages any interested parties to engage in early discussions to secure licensing rights for their geographical areas.

About Yachtech and CompareYachtInsurance.com

CompareYachtInsurance.com is an insuretech start-up looking to disrupt and improve the yacht insurance market. After 7 years, they are a leading provider of yacht insurance solutions, committed to offering comprehensive coverage and exceptional service to yacht owners and insurers. Focused on innovation and customer satisfaction, the company provides a range of insurance products tailored to the unique needs of the marine industry. With the introduction of Yachtech Insurance, CompareYachtInsurance.com continues to advance marine insurance with cutting-edge technology and data-driven insights.

For more information about Yachtech Insurance and its benefits for your insurance program, please contact our press office at mherrera@fiftynorthconsulting.com.