London-based insurance market Lloyd’s signed this week a deal with Windward Ltd., a Tel Aviv maritime data provider, Windward Chief Executive Ami Daniel told Calcalist.
For daily updates, subscribe to our newsletter by clicking here.
Windward will provide Lloyd’s member companies with software that forecasts accidents and dangerous conditions like maritime hostilities breaking out in a specific area. The terms of the deal were not disclosed.
“Lloyd’s is the leading insurer in the maritime world,” Mr. Daniel said. “Their choice in us as a senior technological partner represents the highest affirmation that exists in our industry.”
Mr. Daniel added that Lloyd’s will offer Windward’s service to all of its affiliated insurers.
Windward’s proprietary database can be analyzed to reveal suspicious vessels, sending real time alerts to navy and coast guard forces around the world. Suspicion-raising behavior can include a sudden shift in a vessel’s route, or a change in a ship’s identification number before it docks at certain ports. These can be signs of terrorism-related activity, tax evasion, or smuggling.
Windward also tries to predict maritime accidents based on unique data, Mr. Daniel added.
“We developed a risk model that is based on vessel movement and is able to forecast the likelihood of an accident in the coming year,” Mr. Daniel said. “All previous models have extrapolated future risk based on past data. Our model is able to successfully predict possible accident a year ahead of time based on the information in our possession.”
Founded in 2010, the maritime data startup employs about 65 people, 50 which are located in Israel and the rest in London and Washington, DC. The company said it is expecting to expand to Oslo, Norway because it is a center for maritime insurance.
Windward has so far raised $22.5 million in equity funding from several investors, including retired U.S. General David Petraeus, who was head of the CIA, and Dan Senor, the co-author of the best-selling book Startup Nation.