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Transforming trade safety for Lukoil marine lubricants
The maritime industry relies on agility and adaptability to thrive as things quickly change here. Achieving greater efficiency in Know Your Customer (KYC) checks is a key area for improvement across the maritime industry. Lloyd’s List Intelligence helped Inchcape, a global leader in maritime services, overcome slow, disjointed KYC processes that were causing missed business opportunities and potential compliance risks.
This case study explores how we helped Inchcape with accelerated KYC checks and more qualified leads as part of their international shipping problems.
Maritime KYC checks: The challenge
A lack of unity and real-time insight
Like many companies in the maritime sector, Inchcape faced the challenge of streamlining its multifaceted KYC processes, seeking opportunities to enhance speed and coherence. Inchcape sought to improve the agility of its compliance checks to ensure the timely completion of key regulatory requirements. For example, the old system scattered vital information across various platforms and databases. As a result, KYC processes were often delayed, with a heightened risk of errors.
With more detailed, real-time data, Inchcape recognised the opportunity to enhance the accuracy of their assessments, further reducing compliance risks and unlocking additional business opportunities. By incorporating real-time data into their processes, Inchcape was able to significantly enhance their due diligence capabilities and reduce any potential risk exposure
Inchcape identified opportunities to improve their lead-qualification process, allowing them to remain competitive and agile in the rapidly evolving maritime landscape.
Maritime KYC checks: The solution
Comprehensive vessel insights
Introducing detailed insights into vessels and ownership structures allowed for a complete and up-to-date understanding of the compliance landscape. By implementing our data into their processes, we could provide a more precise and comprehensive picture of what was happening to the Inchcape compliance team.
Streamlined search functionality
Seasearcher helped Inchcape glean insights into global shipping fleets. The ability to search by vessel name or IMO number significantly streamlined the due diligence process, making it quicker and more efficient.
Real-time updates and geofencing capabilities
Executing geofencing solutions and providing real-time updates ensured that Inchcape remained abreast of all pertinent developments, facilitating faster and more informed decision-making.
Maritime KYC checks solution: The implementation process
Rolling out innovation
The integration of Seasearcher into Inchcape’s systems was meticulously planned and executed. We customised the solution to fit existing workflows and provided comprehensive training and support to ensure seamless adoption.
Tailored integration
We tailored the solution to ensure smooth integration with Inchcape's existing operational workflows, minimising disruption and enhancing user acceptance. This approach allowed for a seamless transition that kept downtime as low as possible.
Training and support
We also implemented a detailed training program to familiarise the Inchcape team with the new tools, ensuring that they could leverage the full potential of the Lloyd’s List Intelligence platform. This level of support ensured that the compliance team and the business would benefit from all aspects of our work.
Automation of due diligence checks
Our work included automating many of the manual tasks associated with due diligence, reducing the compliance team's workload and allowing them to focus on higher-value activities. These maritime due diligence solutions also mitigated much of the risk associated with the manual processes.
Maritime KYC checks solution: The results
Transformative change using real-time data
The implementation of Seasearcher transformed Inchcape's KYC processes with remarkable results. With our help, KYC check timeframes saw a significant reduction, allowing for improved speed in lead qualification and more business transactions to be fulfilled in less time.
The other key area where our work proved incredibly useful was providing real-time data for the business. Inchcape benefited from enhanced decision-making capabilities by harnessing real-time data, which allowed for more accurate risk assessments.
All this works together to ensure that Inchcape can now reduce its exposure to sanctions and compliance breaches. Moreover, the business can function with more agility than ever before, allowing it to outpace competition and provide more value to customers. We’re incredibly proud of this Lloyd’s List Intelligence success story because of the value it provided Inchcape.
David Barker, Communications and L&D Manager at Inchcape highlighted the impact of these improvements. He said:
Having access to the right data provides the comprehensive insight we use to make an informed decision and mitigate the risk that an entity in the fleet of an organisation we’re working with is connected to a sanction.
Key benefits
The key benefits derived from Seasearcher were transformative for Inchcape. They included:
- Comprehensive insight: Full visibility into vessels and ownership structures to inform decision-making.
- Streamlined due diligence: Enhanced search capabilities that simplify and expedite the KYC process.
- Geofencing capabilities: Real-time tracking and updates on vessel movements using geofencing for maritime compliance.
- Accelerated KYC checks: Faster lead qualification and reduced compliance risks.
Enhance your maritime KYC checks with data-driven solutions
Our work with Inchcape is a prime example of how Seasearcher can support organisations involved in maritime trade. Our data-driven solutions and insights can improve your processes and make you more competitive.
Whether you’re looking to accelerate your KYC checks or get help with qualifying leads, we’ve got you covered.
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