Leading ship vetting and risk management specialist, RightShip, have extended their predictive analytics tool to service the maritime insurance market.
Traditional insurance products focus on a static pricing model, with a heavy focus on claims history to support what is an inherently dynamic risk scenario. RightShip’s predictive analytics model looks at the static and dynamic nature of a risk portfolio and the diverse drivers for different lines of cover and categories of claim. We have tested and trained our models across Hull, Cargo & P&I lines and have been able to validate our model retrospectively using historical claims information to outperform the expert underwriting opinion.
Application of this model will enable maritime insurers to identify in advance the vessels most likely to claim and where to best target risk management activities
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