Marine Assurance 2.0
Gaining Big Benefits from Big Data
Digitalisation: Data, AI, Collaboration and Technology
Bigger, better decisions can’t be made without change. The fuel driving this change is increased sources of data, better quality data, and more nuanced sources of data.
These data sources need to be aligned, overlapped and enhanced, creating a combined output greater than the sum of its parts.
Collaboration increases the volume and quality of data. Standardisation unifies efforts, streamlines activities and reduces the effort of all parties in generating, collecting and disseminating data.
Advanced analytical and business intelligence solutions built into Marine Assurance 2.0 create true, deep insight into assurance activities, providing heuristic and probabilistic awareness. Creating a feedback loop, this then allows better, more targeted risk barriers in day-to-day vetting activities.
Sanctions compliance
Now more than any time in recent history, businesses globally are having to think more about the wider context of cargo movements.
The producer of a hydrocarbon, the companies in the supply chain, vessels performing the movements, their related owners and operators, the route taken, port calls and the crew on-board.
Every company works within its own context set by governments, shareholders, employees and customers. Commercial decisions need to fit this stakeholder mindset meaning that decisions are nuanced rather than black and white.
Nuanced decisions require more detailed data and more powerful systems and technologies to leverage it.
Environmental compliance
Global businesses are making efforts to decarbonise their supply chains. Shipping is no exception. Charterers need to be aware of these changes, understanding how they must apply their own improvement programmes to the different contract types as legislation is phased in.
Vessel owners and operators, in turn, choose how to apply emission reduction measures to their fleet both at new build or retrofit level, or in the behavioural patterns of the vessels themselves.
Individual data sources no longer provide the one-stop solution for charterers. Data from operators, class, inspection regimes and vessel tracking now need to be combined and overlaid to create the required level of sophistication to achieve this task.
Behavioural analysis
Compliance is not always derived from explicit sources relating to quantifiable matters such as a vessel’s carbon intensity in emissions or the existence of a ballast water treatment system.
Compliance can also be inferred, which is where the relatively new space of behavioural analysis comes in to play.
Whether it be the speed of a vessel, port arrival or activities in areas of restricted navigation or under certain prevailing weather conditions, the way in which a vessel is operated can speak volumes for its safety and reliability.
Marine Assurance systems must now progress in sophistication, not just to remain fit-for-purpose in line with changing industry data feeds and regulations, but to constantly drive-up safety and environmental standards.
Our advanced Marine Assurance solutions undergo constant development to stay in line with changes. Updates are automatically applied allowing our customers to remain system confident.