Lloyd’s List Intelligence, provider of transparent data, analysis, and actionable insight for professionals connected to maritime trade, has teamed up with analytics powerhouse SAS, a leader in artificial intelligence (AI), data mining, modelling and forecasting. Together, they have developed a new level of data-driven maritime insight for analysing vessels, movements and fleets using managed analytics. This pioneering new application of artificial intelligence allows Lloyd’s List Intelligence customers to interpret and understand complex vessel movements and behaviours in ways that were not possible before.
“Our collaboration with SAS has pushed our analytical capabilities into another realm,” says Michael Dell, President of Lloyd’s List Intelligence. “We are now providing our customers with a new level of risk detection and assessment that resets the bar for maritime intelligence and drives transparency in the industry.”
Lloyd’s List Intelligence ‘Seasearcher Advanced Risk and Compliance’ is the first service to benefit from this partnership, to be introduced to the market from late June.
Increasingly, organisations need to upgrade their ability to identify deceptive shipping practices, understand greater context around the level and type of risk, and take swift action to avoid fines, sanctions and reputational damage.
“As illicit activities climb and compliance requirements increase, there is a need for more immediate, accurate decisioning to detect and mitigate potential risks,” says Matt Bidwell, Head of Product Management at Lloyd’s List Intelligence. “By leveraging powerful ‘big data’ and machine learning capabilities from SAS, we’ve augmented the wealth of Lloyd’s List Intelligence’s historical and detailed data – tens of billions of data points –- with AI, to create an enhanced level of insight. During its development, we consulted with practicing risk and compliance professionals to ensure that our new service addresses their needs for greater support in solving some of the most difficult and complex problems associated with risk assessment.”
The new solution, Seasearcher Advanced Risk and Compliance, highlights risk around probable illicit activities in one complete view that is not available elsewhere, generating the most accurate and detailed analytics and risk ratings. By factoring in many different layers of live and historical vessel behaviour, the use of AI creates greater context around normal, abnormal, and dark vessel movements. This brings a new level of insight and support for the decisions that risk and compliance professionals need to make. Seasearcher Advanced Risk and Compliance detects probable deceptive shipping practices such as:
- Dark port calls
- Dark STS transfers (one- and two-way)
- Abnormal movements such as loitering
Additionally, there is enhanced context around AIS gaps, ruling out more false positives.
Based on data models approved by experts in the shipping, commodities, finance, insurance, and legal professions, and using one common language and methodology, Seasearcher Advanced Risk and Compliance introduces a new and efficient means for cross-industry evaluation and onward communication of maritime compliance risk.
“The new solution we have developed with Lloyd’s List Intelligence applies some of our most advanced predictive analytics to create a level of insight around vessel behaviours not previously possible,” said Bert Boers, Regional Vice President of Southwest Europe Sales at SAS. “The critical and fast-changing nature of shipping demands that we employ the best analytical modelling with the best maritime data to produce a new depth of insight that allows professionals to make swift, accurate and confident decisions around risk and compliance.”
For more information about Seasearcher Advanced Risk and Compliance: https://www.lloydslistintelligence.com/services/data-and-analytics/advanced-risk-and-compliance