On November 7, we made one of the most important announcements in the company’s history: we’d signed a strategic agreement with IHS Markit. The arrangement brings together Windward’s industry-leading dynamic data and features and IHS Markit’s unparalleled data on ship registries, casualties and port state control. For our existing and future customers, it’s a very big deal.
IHS Markit Maritime and Trade is the gold standard for maritime data. It is the sole appointed authority for assigning and validating IMOs (ship ID numbers from the UN’s International Maritime Organisation). With a track record in global shipping and commodities going back more than 250 years, IHS Markit offers the world’s most comprehensive maritime databases. They cover seven levels of ownership for vessels, including those below 100GT, as well as port state control and casualty (accident) data.
For our part, Windward, has developed the world’s first – and only – Operational Profiling capability for vessels. We model more than 1,500 parameters relating to every vessel, providing full visibility and a deep understanding of how they’re being operated. It forms the basis for the insights and predictions we provide: risk insights for safety, security, compliance and operational efficiency at vessel and fleet levels. Thanks to our modelling, we know which ship categories in the world fleet are safer than others; which fleets in the same category are more prone to collisions; and we even know which bulk carriers often sail slowly, and how this relates to its future risk.
After just a preliminary integration, we now have significantly more data on casualties. This matters because past accidents are an important predictor of safety risk; indeed, according to Windward data, they account for 4.8% of a vessel’s risk of having a collision in the coming year – this in a world where a 0.1% improvement in predictive power, delivered consistently over time, can be the difference between profit and loss.
So this agreement means Windward – and its customers – will gain access to the broadest and best shipping databases in the world.
The agreement will also mean:
We believe the agreement between Windward and IHS Markit represents an incredibly strong proposition for our customers in government and marine insurance. It will allow Windward to provide a more tailored experience and value proposition to our customers
If you’d like us to show you how, then drop me a line at email@example.com.