“Seasearcher has made our compliance risk processes much faster and smarter. Instead of getting bogged down in lots of investigations that often come to nothing, we now know exactly where to focus our attention.”
Sanctions Compliance Specialist
The challenge
A market-leading insurance company with an important marine insurance division wanted a deeper layer of insight to aid its compliance risk operations. With the global sanctions regime evolving and enforcement by agencies such as the US Office of Foreign Assets Control (OFAC) becoming more stringent, it was essential to dial up compliance checking capabilities to avoid incurring penalties.
And with time and resources at a premium, the insurance company was looking for the most advanced, thorough and efficient solution to assess prospective and existing customers for potential regulatory compliance risk.
The solution
Adding to the suite of services and products already available to its marine insurance division, the company chose Seasearcher Advanced Compliance for a comprehensive view of compliance risk for vessels. It layers data to provide context, and focuses on flagging truly significant compliance issues for further investigation.
Building on a solid base
As our existing customer, the insurer already had access to:
- Seasearcher Vessel Due Diligence
Vessel characteristics, hull risk and location data available to underwriters, for more accurate risk assessment and pricing. - Insurance Day
Specialist news service keeping teams abreast of developments in international insurance markets and potential commercial opportunities. - Lloyd’s List
Full coverage of the shipping industry in a single place, with curated news, commentary and analysis for wider context to inform decisions. - Maritime & Commercial Law
The legal team in particular use Lloyd’s Law Reports and Maritime & Commercial Law resources for case history and precedents.
Additional capabilities
In addition to the information on vessel characteristics, hull risk, location and AIS data from Seasearcher Vessel Due Diligence, the insurer can now access advanced compliance screening features. This provides the compliance specialists with:
- Sanctions data on vessels, entities and persons
- Voyage risk insights including:
- Dark ship-to-ship transfers
- Dark port callings
- Compliance risk filters in search results, vessel, company fleet, watchlists and ‘my vessel’ lists
The results
Time saved:
The drop in false positives means significant time savings.
- 8.5 work-hours saved (weekly)*
- 17 fewer investigations per week
- 1.5 hours/week now spent (compared to 10 hours previously)
*Average investigation time = 30 minutes. Prior to Seasearcher Advanced Compliance, the team conducted 20 investigations per week totalling 10 hours.
Thanks to the advanced insights and features, our client is able to take a more focused and effective approach to vetting. The compliance team now receives alerts for vessels which require further investigation for confirmed suspicious activity.
Team members no longer have to continuously monitor 10,000+ vessels, and can instead devote the time to performing deeper analysis where it is required. The company is now better protected against sanctions compliance risk and in less danger of incurring penalties for inadvertent violations.
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