ACE Plugs Risk Data Gap with Launch of Online Tool

August 18, 2004

ACE Europe, a division of Bermuda’s ACE Limited, announced the launch of a system, described as “the insurance industry’s first web based tool to enable oil and gas companies to gather more accurate and timely risk data for offshore employees.”

The new service is available to purchasers of ACE Europe’s Offshore Product. “Companies can instantly update employee movements, specifying the date they were sent offshore, the duration and which rigs or platforms they were sent to, said the bulletin. “It can also be used to securely store information regarding employees medical certificate renewals, training courses attended and other personal details. In addition the system allows for the local production of employers liability certificates copies, and provides a useful reference tool for information about rigs and platforms throughout the world.”

ACE Europe noted that the “capture of offshore data was highlighted as a key area of weakness in extensive research undertaken by ACE with both clients and brokers. Existing manual systems leave the data open to inaccuracies with the submitted report being compiled largely on historic information.”

ACE Europe’s Product Development Manager Alistair Macintyre commented: “Previous reporting methods for offshore activities fail to provide a current, accurate picture of the true extent of a customers risk exposure.The ACE Offshore web solution helps to remove the inaccuracies from the process, providing underwriters with valuable and up to date information, in addition to providing employers with a sophisticated risk management tool which can help them better plan and resource their businesses.”

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