Gallagher can now provide clients with a tool which helps to estimate risk and an in-depth, automated assessment on vessel safety at the outset and throughout its passage, meaning the likelihood of an incident is vastly reduced and insurers receive an added level of confidence in the risk, meaning better pricing can be negotiated
LONDON: Gallagher has agreed a partnership with Vanguard Tech, a maritime insurance technology specialist. Through the agreement, Vanguard Tech will act as an appointed representative for Gallagher in the marine insurance market and Gallagher clients globally will benefit from its AI platform, monitoring technology and risk & security insight.
Gallagher can now provide clients with a tool which helps to estimate risk and an in-depth, automated assessment on vessel safety at the outset and throughout its passage, meaning the likelihood of an incident is vastly reduced and insurers receive an added level of confidence in the risk, meaning better pricing can be negotiated.
The joint initiative is particularly timely for marine clients given the current geopolitical unrest affecting major shipping routes and the potential increase in insurance costs that can be mitigated by Vanguard insurance technology and insights.
Angus Blayney, Marine Divisional Director at Gallagher said, “This partnership enables us to provide a unique service to clients through combining our expertise with the very best of risk maritime technology innovation. This is much needed insight at a time where our marine clients are navigating a fast changing geopolitical landscape in combination with underwriters that are looking for additional assurances when providing cover. Vanguard Tech provides a variety of high quality services which allow our clients to mitigate their own risks, keeping both their seafarers and operations safe, whilst offering additional assurance to the insurance market.”
Richard Podmore, Vice President of Vanguard Tech, added: “At Vanguard Tech continuously analyses live AIS streams, weather patterns, affiliation, sanctions, maintenance records and thousands of other data sets, to calculate an accurate risk profile for every voyage and vessel and presents it over a dedicated platform that continuously assesses risk in many forms.
In addition to providing underwriters with a risk assessment at the outset, Gallagher clients can also benefit from Vanguard Tech’s Digital Guard technology during a voyage. This monitors the vessel 24/7 whilst at sea and proactively scans its planned passage for potential hazards, such as unfriendly ships that might be nearby, and will dynamically reroute the vessel away from danger giving additional peace of mind for the owners and the insurers.