20 November 2017Insurance

Lloyd’s trials live data for vessel insurance

Lloyd’s is testing the business impact of implementing a new smart data analytics platform for managing an insured vessel fleet in cooperation with data provider Windward.

Underwriters and their insureds can use the live information source to be alerted when vessels navigate close to or within areas of high risk, to inform underwriting decisions, improve vessel risk profiling and assist in a more timely manner with claims assessment, according to a statement.

Lloyd’s head of data innovation, Craig Civil, said: “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: “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."

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