Marine insurance is the oldest form of insurance in the world with its roots going back to the 9th century BC..
ANYTHING can go wrong with a shipment enroute to its destination – maritime disasters like containers falling overboard, ships breaking up, ships running aground, containers and ships catching fire and many other cases..
If your cargo is not insured, you are not going to be compensated for the same and you could lose your business and livelihood..
Among other things, cargo insurance is considered by many to be cumbersome due to the huge amount of manual work involved in applying for insurance and for claims, not to mention the time delays caused due to these processes and also the lack of visibility of incidents etc for the insurance industry..
In an effort to reduce these delays and provide visibility into entire shipping container fleets, Loginno an IoT visionary company from Israel has partnered with with Marsh to provide innovative IoT based cargo insurance..
We have featured Loginno previously on this site for their innovative approach to convert entire container fleets to Smart Containers..
Here is what the press release said..
Partnership to unlock game-changing values by having complete visibility into entire shipping container fleets; allowing a superior and innovative service.
“With better visibility to how cargo is moving through the supply chain, we can help shippers make better risk management decisions, and ultimately reduce cargo insurance costs.” — Matthew Yeshin, Marsh
TEL AVIV, ISRAEL, December 22, 2020 – Loginno, an IoT visionary company from Israel, has developed technology to provide real-time visibility into entire shipping container fleets; turning big metal boxes into permanent data miners.
One of the many beneficiaries of such data is the insurance practitioner; who operates today under a very high level of uncertainty: dealing with loss, theft, pilferage, improper-handling, temperature variations, heavy weather, and high claims administration costs, driving a $50 Billion logistics insurance market.
“Invisibility is indeed a huge burden on the logistics insurance market.”, says Danny Newman, Loginno General Counsel.
“When an unfortunate event happens, the ones who need to know about it know too little, too late. In many cases, the stakeholders end up spending a lot of money to understand what happened without being able to get the full picture- making it nearly impossible to find culprits, determine liability or improve practices. How can you make things better, if you don’t know what went wrong? Fortunately, now you can.”
While the insurance industry has made significant improvements in how cargo shipment data is captured and documented for insurance purposes, real-time visibility to cargo risk remains limited, and the claims data that the industry needs to understand loss trends often lags months behind.
Matthew Yeshin, a Marsh Managing Director specializing in Digital Cargo, comments that “With better visibility to how cargo is moving through the supply chain, including where problems are being encountered, we can help shippers make better risk management decisions, streamline how their cargo insurance is administered, and ultimately reduce cargo insurance costs.”
The collaboration is being launched as part of Loginno’s Contopia Labs and Marsh’s Digital Marine initiative, with a strong commitment to providing innovative value to the logistics industry.
The partnership will enable cargo shippers worldwide to have both the needed insurance cover and full visibility of the ocean container during its entire door to door voyage.
The first use case of the collaboration is set to be done with the participation of Brazilian Log-In Logistica Intermodal (BVMF: LOGN3), winner of last years’ Contopia Factor competition, and the partners intend to approach more shipping companies in early 2021.
Marsh is a global leader in insurance broking and risk management. We help clients quantify and manage risk, and help them unlock new opportunities for growth.
Loginno is a logistics IoT visionary, enabling shipping companies worldwide to become digital shipping companies, with a 100% smart container fleet.