It looks like your organisation has a long way to go when it comes to harnessing the power of data for better marine insurance operations. Several factors are holding you back, increasing your risk exposure and limiting your profitability.
It looks like your organisation has a long way to go when it comes to harnessing the power of data for better marine insurance operations. Several factors are holding you back, increasing your risk exposure and limiting your profitability.
Your current pricing model is based on a limited number of data points and may not be structured according to the latest best practice frameworks. This raises questions about accuracy and potential underpricing (leaving you exposed) or overpricing (making you less competitive).
It’s crucial to carry out detailed and frequent checks to get the full picture of any sanctions or financial compliance risk linked to the vessels or owners. Unfortunately it seems your current process is patchy at best, with key checks being carried out rarely or not at all. This leaves you open to potential links to sanctioned entities and resultant penalties.
Your answers suggest you have major claims verification blind spots. Without the use of advanced data technology, it’s easy to miss red flags that could indicate fraudulent or incorrect claims. Limiting loss also relies on proactive risk mitigation; but it seems at the moment you are not monitoring your insured fleet in any great detail.
The type of data you have access to is highly likely to be inadequate for data-enabled marine insurance. Over-reliance on static and internal data puts you far behind the more advanced standards now available. And with little or no access to internal data experts, your own data will not be as detailed and reliable as it could be.
To rise to the next level of data enablement and improve your protection and profitability, we recommend you prioritise the following:
Lloyd’s List Intelligence can empower you to maximise profitability, confidently set pricing models and protect your business from connections to sanctioned activity. It’s all thanks to our suite of intelligent online tools specifically designed to help you spot and assess risk.
Harness data from 3,000 reliable and trusted sources covering 236,000+ maritime companies and 460,000+ vessels. Access enhanced risk detection and assessment features to understand potential risk, get an unbiased picture of a vessel's condition and uncover illicit activity, so that you can price it accordingly and remain compliant.
Ready to harness data smartly?