Mutual P&I insurer The Standard Club said it has enhanced its data and insight capabilities as part of a two-year upgrade program.
"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.
The data upgrade program has enabled the club to improve its modeling of risk through application of advanced modeling techniques and new data sources, it said. "We are continually seeking to close the gap between modeled losses and actual losses, helping to ensure fair and equitable premium contributions are maintained across the membership and to maintain our strong financial position," Oyewole continued.
The club also launched a dynamic online platform, Standard Foresight, providing real-time location-specific loss prevention and maritime intelligence information relevant to the club’s members. It is a geospatial intelligence platform, covering 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 customized the platform to include our own regional claims statistics and local loss prevention insights including details of our PEME 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," Oyewole said.
The platform has been integrated with My Standard Club, a secure online portal which gives Standard Club members and their brokers 24/7 interactive access to their membership documents and the ability to dynamically analyze claims performance. "Through My Standard Club, we are providing members with faster and easier access to documentation and creating a hub for additional insight on claims performance and real-time risk advice and alerts, helping them to minimize losses," Oyewole said.