Leading mutual P&I insurer, The Standard Club, has significantly enhanced its data and insight capabilities as part of a major two-year upgrade programme.
Dipo Oyewole, the Standard Club’s Performance and Strategy Director, comments: ”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.”
The data upgrade programme has enabled the club to improve its modelling of risk through application of advanced modelling techniques and new data sources. Dipo continues: “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 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 customised 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.” says Oyewole.
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 analyse 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 minimise losses.” says Oyewole.