BigOceanData collects and processes in excess of 4 million items of vessel and maritime environment information every single day. When this is combined with ships’ characteristics, vessel type and, in many cases, cargo information, it is clear to see how the platform can be used by brokers and insurers to manage risk and exposure.
BigOceanData has become a key tool used by many maritime insurers and brokers the world over. Data-driven decision makers use BigOceanData to manage and calculate risk exposure; this data is used to ensure sufficient cover is available by underwriters. BigOceanData data enables vessel operators and their insurers to identify where and when risk increases and to make premium changes in real time.
There are many very powerful software tools available in the online portal that have been designed with insurers in mind – key examples are:
- Managing Risk and Exposure – monitoring entire insured fleet activity in real-time enables underwriters to dynamically calculate their financial exposure as risks increase and decrease
- War Risk Insurance – the JWC (Joint War Committee) stipulate when risk is high in region due to conflict, terrorism and piracy. BigOceanData automatically tracks vessels in and out of these regions generating automated reports on when a higher-level cover is required and increased premiums are charged accordingly.
- Reinsurance Risk – profiling of fleets and quantifying historic incidents allows insurers and re insurers to value fleets. Matchmaking the risk and return with investors
- Incident Analysis – BigOceanData provides powerful complex query and incident analysis tools. Static plots, vessel replay and area replay features can be used to analyse and present pre and post events and historic data. Typical use cases include claims assessment, transhipments, collisions, groundings or oil spill.
- Safety and Support – insurers and brokers can support their insured fleets with BigOceanData’s least-risk routing information and intelligence to minimise exposure and keep mariners safe
- Named Weather Events – when multiple insured vessels and severe weather coincide, the risk increases. BigOceanData Weather is tracking these weather events and vessels, notifying insurers when any of their fleet are in close proximity to named weather events.
