10/06/2022
Manage Cargo Security and Risk. The new and imporived way to protect cargo shipments
Risk management-focused visibility provider Overhaul has launched a new product for existing customers that helps underwrite cargo shipments in real time using in-transit tracking information.
The release comes a week after Nexxiot, a hardware-based container visibility provider, announced a similar product connecting shipment data to cargo insurance options through a partnership with SAP and NTT Data.
The Overhaul product, called ‘Shipper’s Interest Insurance Program,’ covers a shipper's goods while in transit from the point of origin until they are accepted at their intended destination. The program also applies to logistics service providers (LSPs) that are contractually obligated to manage insurance on behalf of their customers.
“Traditional underwriting doesn’t account for tech solutions that can lower risk,” Overhaul CEO Barry Conlon said in a statement Tuesday, adding that the intent of the product is to reduce a shipper’s total cost by using risk-mitigation data to lower insurance costs.
Aside from the Nexxiot product that launched last week, Loadsure in March snagged an $11 million funding round to expand its platform to insure shipments instantly and on-demand. The company then tied up a partnership in July with transportation management system provider AscentTMS to integrate its tool with small carriers.
Overhaul said it has tracked 2.3 million shipments over the past year, eliminating 80 percent of cargo losses through its focus on cargo security and risk management.
“We are fusing active risk management with financial risk transfer so that our customers and partners alike can truly realize the full benefits of reducing total cost of risk,” David Braunstein, executive vice president of insurance tech products at Overhaul, said in the statement.
The cargo insurance offering is currently available to Overhaul customers eligible to receive a quote. Overhaul said it plans to offer additional insurance solutions in 2023.
Separately, Overhaul said Wednesday it has partnered with cloud-based supply chain technology integration platform Chain.io. The integration is meant to give forwarders, shippers, freight brokers, and carriers the ability to connect approved data from Chain.io’s other partners to shipments managed in Overhaul’s platform.
The partnership allows LSPs to use Chain.io’s network to create shipments in Overhaul’s system to secure forwarding operations from disruptive events.
"Forwarders and shippers that have the most diverse and clean data will regularly provide more value to their customers and their own bottom line,” Chain.io CEO Brian Glick said in a statement. “By integrating Overhaul into our connective network, our customers now have another way to turn data into forward-thinking business decisions."
Overhaul, which raised $35 million in funding in July 2021, has a customer list that includes Microsoft and Bristol Myers Squibb.
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