​PolArctic

Cohort: Cohort 10, 2023 

Focus in insurance value chain/workflow: Point of underwriting I Compliance & regulatory support 

Specific lines of business supported: Speciality I Reinsurance I Government 

Founded: 2020 

Status: Operating, still in insurance 

Company type: Data provider 

Head office: United Kingdom 

Main global offices: United Kingdom 

Locations served: Arctic 

Employee count: 1-10 

PolArctic is an oceanographic and data science company with a focus on creating products for the Arctic. The company identifies and creates solutions to business and policy questions about the Arctic through the use of artificial intelligence and machine learning techniques, allowing customers to plan for future Arctic maritime activities. 

Primary way aimed to improve insurance processes and tools whilst in the Accelerator: New sources of risk insight - data or models  

PolArctic gained access to a range of mentors, helping to fine-tune the organisation’s offering. PolArctic was then able to present its solutions to the Lloyd's Market Association Navigating Limits Ice committee, which led to an opportunity for a trial with the committee.  

As maritime traffic intensifies in the Arctic, the potential for accidents and damages increases, exposing reinsurers to greater risk as ship fleets could be frozen into a region. By incorporating PolArctic's data, reinsurers can accurately assess the potential exposure and losses associated with the increased shipping activities across a portfolio.