Maritime analytics company Windward has announced an extension of its relationship with marine and P&I insurer Gard, which will see the firm deliver a wider set of behavioural analytics services to assist Gard in streamlining its sanctions compliance processes.
“We have been working with Windward for around 18 months and have had the opportunity to get a good understanding of what their domain expertise and data could deliver for different areas of the group,” said Lars Lislegard-Bækken, Chief Legal Counsel at Gard.
“Issues such as the OFAC advisories published in 2019 are gamechangers for our compliance requirements, and services that can increase both quality and efficiency in our sanctions compliance operations are very valuable.”
Windward’s services for the insurance market include benchmarking of risk assessment using historical and proprietary trading data, and portfolio analysis with customised trigger notifications based on predetermined risk level changes to a portfolio.
The company aims to provide insurers with data that will allow for greater differentiation between ostensibly similar fleets, to connect lower risk fleets with underwriters who wish to apply behavioural analytics to assess their risk.
“We are delighted to be working more closely with Gard. They are a market leader in the field of marine insurance, and their approach to the use of analytics and AI is key to both the development of their business and its protection in a changing regulatory environment,” said Nick Maddalena, Head of Insurance Business at Windward.
