Specialist marine insurer Shoreline has announced an agreement with risk analytics company Windward, which will see Windward provide automated vessel monitoring and analysis of Shoreline’s insured fleet.
“The old ways of doing things need testing from time-to-time, so we set about reviewing how we monitor our clients’ time on risk, and how this historical voyage data analysis perpetuates quarterly, in arrears billing policies,” said Shoreline CEO, Captain Thomas Brown.
“Shoreline believes real-time voyage analysis will allow us to evolve greater flexibility into our premium payment terms that may better suit an individual client’s treasury requirements, while also monitoring our real-time exposure to US pollution risk.”
The firm’s existing risk analysis processes required monitoring of the insured fleet to be performed manually, so automating this work will also free up staff to work on more productive parts of the business, and contribute to the company’s growth, Shoreline says.
Nick Maddalena, Windward’s Head of Insurance Business, also added: “We are delighted to be able to assist Shoreline create efficiencies in their service offering. Windward’s unrivalled vessel behaviour analysis capabilities and operational profiles have enabled us to deliver a highly accurate analysis of Shoreline’s insured fleet. Providing deep analysis of risk and exposure is what drives our insurance business.”