Lloyd’s, the specialist insurance and reinsurance market, today announced a trial with Windward and a number of marine insurers to test the business impact
of implementing a new smart data analytics platform for managing an insured vessel fleet. Using a wealth of varied marine data sources, Windward’s analytics platform provides two key capabilities. It allows underwriters to identify when vessels are exposed to high risk situations such as war zones, and provides tools that add context and allow detailed analysis of claims.
Lloyd’s Head of Data Innovation, Craig Civil, said:
“Lloyd’s has always taken pride in being at the forefront of innovation in insurance. We have had a lot of market interest in this new approach to analysing vessel navigational behaviour. There is a vast amount of real time data being processed but the key is to unlock the business value for the market that a smart data analytics platform can provide and that is what we are evaluating right now with our market colleagues.”
Windward Co-Founder and CEO, Ami Daniel, added:
“We’re delighted to be partnering with the world’s leading insurance market, and to be sharing with Lloyd’s Members the technology we’ve developed while working with the world’s leading intelligence agencies for the last seven years. I know that together we can enhance the maritime insurance business, bringing a new level of accuracy and efficiency to claims investigations.”
Jamie Garratt, Head of Digital Underwriting Strategy at Talbot, one of the managing agents trialling the new platform, said:
"Talbot believes in innovation and embracing new technologies to enhance the service we offer our clients. We are excited to work with Windward’s technology and data driven approach to the marine insurance market."