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OVERALL:

Data-Disadvantaged

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.

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Pricing

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).

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Compliance

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.

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Claims and Loss Prevention

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.

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Data scope and quality

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.

Recommended actions

To rise to the next level of data enablement and improve your protection and profitability, we recommend you prioritise the following: