Clearwater Dynamics uses Tinybird to power its maritime insurtech solution

Clearwater Dynamics is an industry-leading insurtech solution that helps maritime insurers and shipping companies assess risk effectively and track vessels 24/7 with real-time analytics.

With 200 million position reports today, thousands of queries, and a complex bag of different insurance parameters, Clearwater Dynamics takes the guesswork out of maritime risk mitigation.

Maritime tracking and risk management data needed change.

Clearwater began as a specialist marine risk consultancy, evolving into an Insurtech innovator digitising workflows, connecting stakeholders and unlocking powerful data-driven insights.

As they expanded their services, they hit a consistent roadblock: the maritime insurance industry was bogged down by outdated processes and an overwhelming amount of data.

Traditional methods made it difficult for underwriters to assess risks accurately and in real time, leading to inefficiencies and missed opportunities.

Maritime insurance data is typically locked away in a policy administration system (PAS). So, underwriters assess the risks, they get stamped for approval and then those policies get turned into data. But if you’re looking at ones and zeroes all day, it’s easy to lose track of what matters – the context.

Because risk mitigation in the maritime world is so complex, managing data more effectively would be a game-changer for this centuries-old industry.

Clearwater Dynamics developed CORAL, a digital platform that combines maritime intelligence and operational support with digitized elements of the insurance process, acting as a single source of data. CORAL has oversight of 40,000 in sured vessels, representing approximately 50% of the world’s ocean-going fleet. Risk reporting, real-time vessel tracking, mapping and domain awareness, quotation tools, and in-depth vessel details are just some of the features of this impressive platform.

But to deliver all of the features that underwriters need in one handy location, Clearwater Dynamics realized they needed a more robust data management platform to maintain reliability and deliver real-time analytics.

After teaming up with Tinybird, CORAL could handle all the necessary data streaming and real-time analytics, presenting them in a user-friendly way. Underwriters can see a database of insured assets and which vessels have the highest risk exposure.

It’s transparent, accessible, and easily visualized with the underwriters in mind.

Clearwater Dynamics needed faster queries

Previous database solutions helped Clearwater Dynamics turn thousands of vessel reports into a database that could be queried for complex insights.

The problem? Some of the queries, especially if looking at a 12-month period, would take about 15 minutes to run. A front-end tech solution that makes you wait 15 minutes for an answer isn’t the best user experience. In today’s world, we expect digital solutions to be more efficient and save vast amounts of time.

Since moving to Tinybird, Clearwater Dynamics has seen 100x reduction in query latency. This allows them to serve analytics in the application with a much better and faster user experience, ensuring that Clearwater Dynamics maintains a clear competitive edge.

A Tinybird-powered platform makes Clearwater Dynamics an industry leader

After a swift onboarding and data migration process, Tinybird has helped turn this insurtech solution into a hyper-efficient system that:

• Real-time analytics for risk assessment: Underwriters can now visualize their risk exposure globally with real-time vessel tracking and risk mitigation insights to make informed decisions fast.
• Streamlined data integration: By collating risk data, vessel information and location all in one place, underwriters can keep on top of their fleet wherever they are in the world and continually assess their risk exposure.
• User-friendly analytics: Vast amounts of key data are ingested into the system and turned into actionable, accessible insights that can be queried in seconds to get the information needed.

By partnering with Tinybird, Clearwater Dynamics has built a more reliable, robust, efficient operation. But what about the end user experience?

Data accessed by underwriters is much more accurate and because it’s in real-time, they don’t have to worry about anything being out of date. This enables their users to create highly accurate insurance policies as and when needed. All of the data is easily accessible, and queries are answered in seconds, saving time and enhancing their experience of the company.

The future of Clearwater Dynamics

Today, Clearwater Dynamics comfortably processes 200 million vessel position reports daily, has a dramatically reduced query response time for a better user experience, and gives underwriters the chance to track policies dynamically, considering different risk factors in real-time.

Clearwater Dynamics’ approach to innovating its solution is very much user oriented. As different clients approach them with different needs, there’s no end to the possibilities of how their solution will develop. Now partnered with Tinybird, Clearwater Dynamics can iterate on customer requests and needs more quickly while ensuring a high-quality user experience. This means that Clearwater Dynamics’ service and platform will remain competitive and an unbeatable solution for underwriters in the maritime world.

One thing is clear, Tinybird’s platform is a partner for the long haul.