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Digital Cargo Insurance

State of Play — Digital Cargo Insurance

Download the Marsh Research on the State of Digital Cargo Insurance. 

Driving Digital Cargo Insurance Connectivity & Analytics

The logistics industry is evolving rapidly due to a combination of changes in customer expectations and buying habits, along with aggressive competition in a de-regulated transportation environment driven by technology, acquisitions, e-commerce, industry disruptors, nuclear verdicts and new approaches to providing logistics services.

This document is designed to highlight how the accelerated digital transformation that is currently underway enables the logistics and insurance industries to work together to implement new technologies such as Smart Contracts, Blockchain, Artificial Intelligence, Internet-of-Things and Big Data to deliver innovative digital cargo and logistics insurance products and solutions.

Digital Cargo Insurance by Marsh

Marsh has over 20 years of experience in digital cargo insurance and we can help you design unique solutions to achieve different objectives, and can work with both traditional insurance markets, alternative risk solutions and/or captives.  We enhance this core offering with an integrated claims management solution, ensuring that the customer experience both with respect to arranging cover and settling claims is handled efficiently.  Additional coverages that can be offered, depending on your objectives, include Delay or Additional Expense covers, Warranty Products, Products Liability, Trade Credit solutions and Cyber solutions.

: The circle graphic lists and describes in detail the individual components, that form part of the digital cargo insurance environment.   1.	Policy Administration entails:   •	Coverage Confirmation •	Exposure Management •	Invoicing •	Sanction Screening •	Documentation — Policy & Certificates  2.	Claim Administration entails:  •	Incident Validation •	Surveys •	Adjustment/Settlement •	Reporting •	Subrogation  3.	Analytics/Visibility entails of:  •	Supply Chain Visibility •	Actionable Insights •	Predictive Analytics •	Behaviour-based Analytics  4.	Digital Shipping Data  •	Shipping Data Standardization •	eBOL (AWB) Receipt •	Multi-party Communication  The before mentioned components are made available to third parties such as Customers and Shippers via Marsh Bluestream or API making available:   Input Shipment Data Capture/Reporting including: •	Bills of lading •	Warehousing/storage •	Insured value/limit  And Output Reporting Tool such as:  •	Coverage confirmation •	Integration with Smart Contracts /Blockchain/Letter of Credit •	Premium spend overview •	Claims performance overview •	Program benchmarking •	Risk control opportunities