Summary of the article published in the January 2025 edition of The Marine Insurer

Pages: 26-28

Introduction to APIs

APIs enable seamless data exchange across systems, driving efficiency, automation, and informed decision-making in the insurance industry.

Role of APIs in marine insurance

1. Cargo insurance: Real-time data on cargo movement and status enhances risk assessment, automates policy issuance, and validates claims.
2. Hull insurance: APIs provide vessel data like physical characteristics and incident history, helping insurers evaluate risks, set premiums, and adjust coverage based on real-time insights.

Types of data accessed via APIs

• Vessel data: Physical attributes, ownership, and performance history.
• Cargo data: Details of cargo nature, value, and packaging.
• Voyage data: Routes, estimated arrivals, and deviations for risk monitoring.

Applications of API-driven data

• Automation: Streamlining record-keeping and reducing manual tasks.
• Risk assessment: Comprehensive risk evaluations using vessel and operational data.
• Regulatory compliance: Automating sanctions checks and reducing compliance burdens.

Overview of leading data providers

• Windward: Maritime AI for risk management and compliance.
• The Signal Group: Analytics-driven vessel tracking and voyage monitoring.
• Kpler: Real-time vessel movement monitoring and trend analysis.
• RightShip: ESG-focused safety and compliance insights.
• Datalastic: Historical and real-time AIS data for underwriting and risk assessment.
• S&P Global Maritime: Comprehensive vessel data for streamlined underwriting.

Integration methods

• Core system integration: Real-time updates and automated processes.
• Database integration: Bulk data transfers and batch synchronisation for analytics and reporting.

Seamless risk assessment

Seamless provides a customisable risk assessment matrix tailored for marine insurers. By scoring risks across five key segments (vessel information, performance, operational characteristics, ownership, and compliance), insurers can dynamically adjust risk variables, make data-driven decisions, and enhance underwriting accuracy.

Disclaimer: The information provided in this article is based on publicly available sources and is intended for informational purposes only. The descriptions of services and technologies are not endorsements. We recommend consulting the official documentation of the respective companies for the most accurate and up-to-date information. This article does not constitute legal, financial, or professional advice. We disclaim any liability for decisions made based on the information provided in this article.

References for data providers:

• Windward: https://windward.ai/
• The Signal Group: https://www.thesignalgroup.com/signal-ocean/data-warehouse-api
• Kpler: https://www.kpler.com/product/maritime/data-services
• RightShip: https://help.rightship.com/en/
• Datalastic: https://datalastic.com/api-reference/