Cargo Insurance Business Updates

Freight Waves’ Mark Solomon recently posted an article about the cargo insurance process, and how there has been some movement toward automating the process.  Read on for a brief synopsis of what he had to say.

The process of getting cargo insurance has been strictly a manual one, until now.  

Solomon’s article talks about two different initiatives that will aim to update the process of obtaining the insurance.  The article talks about the team of project44 and Reliance Partners, and how they have created a system that allows users “to access real-time quotes and to purchase coverage as they book shipments.”  The other group mentioned is UPS Capital, who worked with InMotional Global to create a program that allows “small- to mid-size shippers to request and obtain coverage, pay their invoice, and submit and settle claims.” Each of these systems aims to reduce the time spent on obtaining the cargo insurance, which can be hundreds or thousands of hours a year.

The two systems are not in competition; they are suited for different needs.  They are two separate systems with the same goal: to make it easier on the user to acquire cargo insurance when necessary.  To read the full article, click here: https://www.freightwaves.com/news/technology/cargo-insurance-goes-21st-century?utm_campaign=FW%20weekly%20technology%20newsletter&utm_source=hs_email&utm_medium=email&utm_content=71993682&_hsenc=p2ANqtz-9LptYQANWKIGVYipwIdS3fGQq_u1ynCibPaJMOm0RsXDcbySa7rfHVdMW85pPf_7dRWUffOKcJChD9nfuVVADky-Xeo-kxZppwie4XsfNR5uR0IcU&_hsmi=71993682

All credit goes to the author and original source.