In July 2020, at the peak of the global COVID lock-downs, vast volumes of major cruise
ships and car carriers were laid by in ports or idle in anchorages worldwide, resulting
in high-risk, high-density accumulations. The vessels were also at risk of breaching
compliance regulations regarding inspections and maintenance.
Solution - REACT Aggregation Tools
- Track all global assets and exposures in real-time with detailed current and historic utilisation data for trend analysis and benchmarking
- Dynamic region monitoring and automated alerts allow a pro-active and therefore more efficient approach
- Automated calculation of global exposure availability in near real-time e.g. top 5 risk aggregation locations
- Customisable reports and event thresholds to support decisions on additional reinsurance requirements
- Compliance monitoring, alerts, and reports aimed at identifying inspections requirements, deficiencies, and risk information
- Severe Weather tool, providing a real-time pre-event exposure aggregation calculator
RESULT
- Insurers and reinsurers were able to quickly and accurately identify rising risk accumulations and adjust rapidly and pro-actively to reflect current exposure
- With detailed asset information, clients could identify compliance breaches via user-friendly reports and configurable alerts to adjust cover accordingly
- Insurance brokers were able to provide deep insight and accurate information to their clients, empowering more efficient decision-making processes
