Mutual P&I insurer The Standard Club has upgraded its data and analytics capabilities as part of a two-year upgrade programme, to improve its modelling of risk through application of modern modelling techniques and the addition of new information sources.
”As a forward-looking club we have looked hard at how we can use technology and data to better serve our members, with a particular focus on supporting risk selection and pricing, and on delivering new member services,” said Dipo Oyewole, the Standard Club’s Performance and Strategy Director.
“We are continually seeking to close the gap between modelled losses and actual losses, helping to ensure fair and equitable premium contributions are maintained across the membership and to maintain our strong financial position.”
The club has also launched a new online platform as part of the programme, Standard Foresight, providing real-time location-specific loss prevention and maritime intelligence information relevant to the club’s members.
The geospatial intelligence platform covers every port and maritime region in the world, with live AIS data, recent incident reports (including piracy), tide and weather station feeds, sanctions and regulatory updates, port statistics, health alerts, travel advisories and cargo bulletins.
“The core data is being used by other International Group clubs, however, we’ve customised the platform to include our own regional claims statistics and local loss prevention insights including details of our PEME (pre-employment medical examination) clinics and correspondents to make it more relevant to our members. We will continue to develop added features in line with guidance from our members’ Safety & Loss Advisory Committee,” said Mr Oyewole.
The platform has been integrated with My Standard Club, an online portal for Standard Club members and their brokers that provides access to membership documents and the ability to analyse claims performance.
