A new concept of marine insurances by the start of next year
Another revolutionary business invented by Raets Marine's creator, who aims to shorten the value chain from January 2018 by involving insurers, shipowners and cargo-owners in the shared management of navigation risks
Its creator and CVO Chief Visionary Officer Martin Lanting – a lover of car races and Ferrari as a hobby – confides that 24Vision Solutions, to soon enter the market (from January the 1st 2018), is a proper Copernican revolution in the marine insurance sector.
The 65-years old Dutch maritime entrepreneur already founded RaetsMarine in 1993, the second world provider of fixed premium P&I and Marine Liabilities coverages with offices in Paris, London, Rotterdam and Singapore, that in 2014 he sold (for 65 million dollar) to Anglo-Japanese insurance giant MS Amlin.
The ingredients of Lanting & Co.'s – he has some ten young managers as well as insurance and shipping experts as his partners, among whom Rocco Bozzelli (who worked with him in RaetsMarine and then for two years and a half was director of Scorpio Group's insurance office in Monaco), holding 50% of 24Vision Solutions' shares (the other 50% belonging to the business founder himself, who invested at least 5 million dollar) – are the same as those of his previous successful business: focus on customer relationship (charterers, traders and shipowners), who are regarded as partners rather than as mere customers, in-depth risk analysis and management and search for tailor-made solutions with legal, insurance & claims outsourcing services.
“We want to change and renew the marine insurance business providing shipping customers with comprehensive services. We do not act as mere insurers or brokers trying to sell their products to customers, but we focus on direct services without intermediation. As a matter of fact, we are also technical managers of 14 tankers, operators of 10 chartered vessels (bulker handymax and handysize, with annual time charter and options for another2-year period) as well as risk management, bunkering, ship finance and insurance advisors” 24Vision.Solutions' Partner & Managing Director Bozzelli explained to Ship2Shore.
“Through digital solutions, we deal with customers personally providing them with fast, transparent and reliable services. We believe in customers' direct involvement and in intelligent solutions, building direct relationships with them based on sharing and collaboration. Our actual objective is reducing the vertical supply chain, currently controlled by brokers who do not ensure transparency, by providing direct communication with customers and their counterparts. Creating a closer relationship between vessel and load, supplier and consumer, insurer and policyholder is our credo”. The company has 44 employees that will soon increase to 50. Among the latter there are not only marine insurance experts, but also ship operations, bunkering, ship finance and chartering expert managers working in the company's offices in Rotterdam, Antwerp, Geneva, Dubai and Monaco.
A concrete example of the customers' involvement in partnership dates back to the end of 2016, when Dutch oil trader Clearwater Ship Management joined Lanting's project and transferred its staff to 24Vision's offices in its Waalhaven port district in Rotterdam, with its Managing Director Martijn Mobach becoming Managing Director of the joint-venture.
Although utmost confidentiality is observed about the names of the other customers and insurance companies involved, that are mostly European, rumours have it that 24Vision group's portfolio includes at least 200 potential customer companies, and that its premium income amounts to around 20 million dollars, even though its target is ten times higher.