Using a wealth of varied marine data sources, Windward’s analytics platform provides two key capabilities. It allows underwriters to identify when vessels are exposed to high risk situations such as war zones, and provides tools that add context and allow detailed analysis of claims.
Lloyd’s Head of Data Innovation, Craig Civil, said:
“Lloyd’s has always taken pride in being at the forefront of innovation in insurance. 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:
“We’re delighted to be partnering with the world’s leading insurance market, and to be sharing with Lloyd’s Members the technology we’ve developed while working with the world’s leading intelligence agencies for the last seven years. 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."
Lloyd’s is the world’s specialist insurance and reinsurance market.
With expertise earned over centuries, Lloyd’s is the foundation of the insurance industry and the future of it. Led by expert underwriters and brokers in more than 200 territories, the Lloyd’s market develops the essential, complex and critical insurance needed to underwrite human progress.
Backed by diverse global capital and excellent financial ratings, Lloyd’s works with a global network of over 4000 insurance professionals to grow the insured world – building resilience for businesses and local communities and strengthening economic growth around the world.
Windward is the first marine technology company to harness the power of artificial intelligence (AI). Founded in Tel-Aviv in 2010, Windward has been pioneering maritime analytics from day one. Since then, we’ve built the preeminent source of actionable insight on shipping and the world’s seas. Our AI platform continuously collects, fuses, and vets hundreds of millions of data points each day, from a variety of external maritime sources. Windward’s award-winning, patent-pending technology powers a suite of data-driven, decision-support tools aimed at the underwriting and actuarial communities. Examples include assessing the riskiness of new customers, augmented underwriting and improving the performance of pricing models.
About Talbot Underwriting Ltd.
Talbot Underwriting Ltd operates within the Lloyd’s insurance market through Syndicate 1183. Syndicate 1183 focuses on underwriting a number of specialty classes including marine, aviation, transport, energy, terrorism, political risk, accident and health, construction, contingency, financial institutions, property and treaty reinsurance.