Partnering with Lloyd’s Market Association to Enhance Underwriting with Advanced Ice Data Analytics

In 2023, PolArctic provide data aggregation and advanced AI forecasting for Lloyd's Market Association to improve underwriting accuracy for ice-related risks.

We achieved this through the integration of comprehensive ice chart data, the development of PolArctic's proprietary AI algorithm for sea ice forecasting, and the implementation of an intuitive platform for underwriters to access and interpret the data.

By the end of the project, we successfully achieved:

• The aggregation of ice chart data from multiple sources into a single, coherent dataset that offers unparalleled insights into pan-Arctic sea ice conditions.

• The development and deployment of the PolArctic AI forecast model, which predicts sea ice presence and location with high accuracy.

• The enablement of underwriters at Lloyd’s Market Association to access real-time and forecasted ice data across the entire pan-Arctic region allows for precise risk assessment and faster, more accurate pricing.

This collaboration not only empowered underwriters with better data for risk assessment but also set a new standard in the insurance industry for leveraging technology in environmental risk forecasting.