Lloyd’s List Intelligence Nomination
What is the business/industrial problem they are solving?
Unlawful activities at sea are more common than you think. And with more stringent OFAC guidance and increased regulatory scrutiny, the maritime sector can’t afford to make mistakes, particularly when it comes to suspicious or illicit activities. Flagging compliance risks, such as high-risk vessel port callings (including dark port callings), deviation from normal trade routes, loitering and probable dark ship to ship transfers, is critical for the maritime sector. Lloyd’s List Intelligence (LLI) is arming its 60,000 plus customers with better insight into sea vessel activity for better, faster decisioning. The first solution, Seasearcher Advanced Risk and Compliance generates the most accurate and detailed predictive analytics and risk-ratings available, in real-time, providing a level of detail on illicit activity previously impossible to attain. The second, Predictive Fleet Analytics Access, offers a new level of reliable and accurate voyage data—saving organizations time, money and resources by enabling them to accurately track vessels, predict vessel movements, and anticipate port congestion and delays in minutes. Both solutions are “game-changers” for the maritime sector and the industries that fund, invest, own and insure its vessels.
Who are the targeted customers?
Maritime Intelligence key sectors are; • Financial sector • Insurance sector • Legal sector • Energy sector • Maritime services • Shipowners and operators • Governmental institutions
Please provide evidence of how the nominated company demonstrates contribution to ROI generation and fast time-to-market in Artificial Intelligence from the adoption of IoT solutions.
For Sea Searcher, the value is in the saving of time, money and resources. This solution is the first of its kind to give 100% live coverage of commercial fleet, with over 65,000 vessels tracked daily. This solution helps companies complete document checks up to 25% faster, expose risks efficiently and confidently and record and escalate checks quickly. It also cuts in half false positive investigation time by identifying probable dark activity or high-risk trading, accelerates investigations with key risk data on sanctioned ports, deviation from normal trade routes, probable and identifies illicit activities and ownership risks and maintains robust audit trials within the platform. Users can also automatically monitor lists of vessels and adhere to internal/ regulatory compliance procedures, stay on top of vessel’s exposure to risk by being alerted to changes in risk levels, so companies can react, proactively conduct research, and download reports to evidence and Monitor changes in risk. For Predictive Fleet Analytics, LLI proves a 70% accuracy for predicted destination, 5 days out. Which is unheard of in the industry. Additionally, LLI can predict ETA within 10 hours of arrival and estimated time to birth withing 1-2 hours. One of the key benefits that Predictive Fleet Analytics provides market intelligence and research analysts the ability to identify additional commercial opportunities quickly and effectively, by using the Trade Lanes feature to clearly research vessels travelling or have travelled common trade routes. Predictive Fleet Analytics gives sales and account management professionals the insights to serve their existing customers as proactively as possible, with a reliable view of when and where vessels are going to arrive, berth and depart. Predictive Fleet Analytics provides Schedulers and Planners with a single view of predicted vessel movements with contextual insights to empower you to work more proactively in your day-to-day work, keeping customers informed and satisfied. Predictive Fleet Analytics Watchlist feature allows commercial and fleet operations professionals to maintain greater day-to-day visibility on the movements of vessels of interest, enable smooth operations.
Demonstrate how nominated company contributes to the effective adoption and advancement of IoT solutions by enhancing sustainability in Artificial Intelligence practices.
Both solutions come down to the savings in time, money and resources, which overall benefit the sustainability and resilience of an organization by utilizing AI and advanced analytics to help organizations.
How has the nominated company demonstrated an ability to scale its services/offerings in a cost-effective manner to meet the needs of its customers?
This solution is available to a variety of organizations, large and small. It is scalable and accessible through a membership model.
What is the analytics applied?
streaming analytics, predictive analytics, forecasting, machine learning, optimization
