“Hard” Market Conditions in Ocean Cargo Find a Solution in InsurTech

Over the past year, there has been an increasing number of Lloyd’s syndicates who have withdrawn or been closed from the London marine cargo market. The decline of these cargo syndicates reduces the overall supporting capacity from market leaders but also leaves over $6.4 billion dollars of market share up for grabs.

The reasons for this, according to Lloyds, include cargo reportedly running at a 135% loss ratio. This has put a large number of Lloyd’s syndicates either under review or closed completely and brokers are being forced to find other alternative options for their clients. There was also consolidation in 2018 with a number of larger insurance companies purchasing more vulnerable companies. This has resulted in a reduction in the number of market leaders available which restricts different options for insureds.

Lloyd’s has instructed its managing agents to provide a quarterly reports plan to improve the underwriting performance of the seven under-performing classes— Life Sciences/Pharmaceuticals being one of them. The bottoming out of cyclical market conditions, frequently caused by over-capacity, often results in violent price and coverage adjustments that punish not only those insureds with poor operations but the good as well.

The use of technology and data can help insurance buyers to differentiate their risk profiles. Corvus specializes in providing broad Ocean Cargo and Stock Throughput coverage for spoilage and other perils for Temperature sensitive products within the Food and Life Science industries. We are using data from leading IoT sensor providers to provide something NEW that is helping Brokers on our platform differentiate themselves and win new business with Life Science and traditional food customers.

Corvus compares the temperature shipment data of an insured to our mammoth database of shipment data. Our algorithms produce a Corvus Score through which we communicate our underwriting outcomes and coverage grants. We also use our CrowBar data platform to bring new information to our clients throughout the policy year in order to help our insureds identify anomalies that might lead to a claim. Working together, we manage risk and reduce claims. The win-win solution of Corvus, for those insureds that want to engage with the use of their data, is a better outcome from a “hard” insurance market that acceptance of price increases.

scientists

The Big (Uninsured) Risk for Early Stage Life Science Companies

Early stage Life Science companies are invariably betting a great amount of capital on the human clinical trial testing of their first products. Immense work and expense go into lining up clinical trial sites, scaling up early manufacturing (or contract manufacturing) and building the team of Clinical, QA/QC, Medical, Legal, and related resources.  All of that overhead is devoted to just one thing— advancing the clinical material into clinical trials. However, something as simple as spoilage of a shipment can lead to an immense uninsured loss.

Time to market may be a huge factor of course, but risks associated with idle unproductive employees and the associated salaries, benefits, rent, and other overhead that often add to losses while the batch from the shipment is being recreated are usually uninsured with standard Ocean Cargo policies.

This proverbial tightening of the funnel should be a great target for important insurance coverage but has been left uninsurable by incumbent insurers in the market. Amy Sinclair, Life Sciences Practice Leader in the Boston office of Arthur J. Gallagher said, “A loss of clinical trial material in transit can lead to a Business Interruption and Extra Expense Insurance loss. We can cover that under a Property Insurance policy while the goods are in a fixed location like our client’s manufacturing building.  But until now, we have been unable to get insurance for our clients that responds to the risk exposure caused by a loss of goods while in transit or at warehouse or clinical trial locations.”

Corvus Insurance, with a deep understanding of Life Sciences logistics, has developed a proprietary Extra Expense form in an attempt to make whole those Life Science companies that suffer an insured loss (from spoilage or any other insured peril – theft, fire, windstorm, etc.).  

“This new coverage from Corvus fills a gap that responds to a critical, but previously ignored, risk exposure for Life Science companies,” said Steve Sawyer of Woodruff Sawyer in San Francisco. The policy form is available on request from Corvus.

Corvus Insurance Holdings underwrites Smart Cargo™ Insurance for the Life Sciences and Food industries on behalf of Argo Insurance Group (Best’s Rated, A, XIII).  Brokers on our platform are bringing needed, innovative and differentiated product into the market and great value to their clients.

 

Technology

InsurTech: Easier Than a Flu Shot

InsurTech is a new concept that is revitalizing an old industry. But what exactly is it, and how does it work? And how is Corvus shaking up something that’s already so cutting edge? InsurTech can be broken down into three primary aspects, each one important, all working together to run a system with maximum efficiency. Imagine visiting a doctor’s office— you check in at the front desk, you get your physical, and you get your bill. For most people, the bill is the greatest concern— and that’s why this third aspect is where Corvus is focusing its energy. What if you could prove to the doctor that you have been taking great care of your body all year? That you’ve been exercising, eating right, and cutting down on beers? And what if the doctor, having received this information, would, in turn, charge you less because of your healthy habits? That’s what Corvus is trying to do for commercial insurance buyers.

But we’re getting a little ahead of ourselves. So let’s begin at the “front desk” of insurance, the first aspect— that is, the contracts, the insurance platforms themselves, etc. This is the gateway to your policy, and there’s a lot of cool stuff happening in this arena. For instance, there is some great technology being applied to things like the mobile-enablement of auto claims, blockchain for reinsurance contract fulfillment, and online sales platforms for brokers and agents. This can cut the costs of managing an auto claim from 3% of premium to 2% which, given the size of the auto market, is an incredible achievement.

Next, we go to the actual doctor’s appointment— the second aspect, the product that you’re purchasing. Online channels, direct or broker-focused (Insureon or Wellthie are examples), as well as products that are sold for less than a year for the gig economy or on a P2P basis, fit into this category. Distribution costs can run from 3 to 30% or more, so reducing distribution costs is a big deal if they respond better to customer needs than conventional products and distribution methods.

The third aspect, where Corvus is most concerned, is that final doctor’s bill in the form of claims paid. This is where Corvus is particularly innovative— by using your data, we are able to help you reduce your risk in order to reduce your claims. Companies like Neos in the UK do this by giving out theft or water detection devices in order to prevent or respond more quickly to events that frequently lead to homeowners claims. Corvus accomplishes this not by creating new monitors of data, but by leveraging and licensing existing data sources to price, predict, and prevent commercial insurance claims. We use temperature sensors for cargo subject to spoilage in order to monitor and score risk with full customer (and broker) transparency. We are also perfecting the same for cyber (web-scanning technology). One big difference in this arena is the richness of the targets. In commercial insurance, between 60 and 80% of premiums go to pay claims. Reducing the cost of claims by 15% will make a bigger impact on overall economics than cutting distribution or back-end costs in half.

Corvus is excited to be breaking into InsurTech and excited for you to join us on this journey. From cargo to cars, we’ll reward you for your hard work, and you’ll reap the benefits of safer habits. By creating InsurTech for you, we are going to make the world a better place.

 

Technology

Data Dive: More Information Creates More Opportunity For Brokers

Anyone who has spent any time at an insurance company has heard the saying “there are no bad customers, just bad pricing.” Seemingly innocuous on the surface, it is symptomatic of the fact that the customer and the insurance company aren’t in a mutual partnership. Often, it’s true. Traditional insurance companies rarely think about individual customers and businesses, instead choosing to focus on collecting data that transforms the company into a statistic. Corvus turns this approach on its head. We use data that measure the underlying causes of losses, and we make our clients an active participant by mining and sharing this data to help take corrective action.

 

The traditional insurance pricing model focuses on aligning the cost of insurance with expected future losses, using data collected from a wide variety of sources to do so. In a market with many competitors, there is constant pressure for companies to charge more for risky customers, or else have their low risk customers leave for a lower priced insurer. In the extreme, aligning price with a customer’s risk breaks down the social goal of insurance in the first place: to pool society’s risk and help each other overcome fortuitous events. We see this in many cases through government backed insurance programs where private insurance companies are unwilling to participate for the riskiest customers.

 

The issue with this approach is that while insurers collect a lot of data from many sources, they’ve historically been limited in the depth of that data. As a result, most business insurers attempt to correlate abstract variables about a business with insurance claims. In the case of cargo insurance, they may use information about the age of the truck, the type and annual amount of goods being shipped, and even business credit score. While these components correlate with future expected claims, from the perspective of improving the client’s business and reducing risk, they are meaningless. Traditional insurance companies rarely share this data with customers in any meaningful way, and even if they did you’d be hard pressed to find a use. No company in their right mind is going to ship fewer goods to save money on their insurance.

 

Corvus is taking a new approach to insurance, capitalizing on the proliferation of data at more granular levels and without legacy systems and practices holding us back. We seek out insurance products that have a large amount of untapped data, but most importantly, untapped data which measures the underlying causes of the insurance risk— as opposed to generic information about the client’s business. With our Smart Cargo Insurance product, we use the temperature data from an individual’s shipments to identify when their cargo is most susceptible to spoilage. With our Smart Cyber Insurance, we can identify a customer’s IT security vulnerabilities that enable outside parties to breach their data. By moving our data closer to the true source of risk, we’ve created pricing and underwriting unique to each business’ risks, which makes for increased transparency and fairness for all customers.

 

Having all this data is great, but if we only use it to charge our customers different prices, we’d be no different than every other company. Instead, we take transparency a step further by sharing this novel data in our Dynamic Loss Prevention report, providing insight on the factors in a client’s control that are most likely to prevent claims. Where traditional insurance companies penalize risky companies by charging them more money, Corvus aims for a mutually beneficial approach that reduces losses, putting both parties in a better situation. We are living in a data-driven world, and it’s time for the insurance industry to step up to the bat and play. At Corvus, we are using this data to center clients’ needs and to mitigate their risk— and we’re doing it transparently, so customers can make the choices that are best for them.

Handshake

Venture Capitalists, InsurTech and Choosing Your Customer

As Corvus contemplates its next stage of fundraising, after respecting the August VC break, we are having some interesting conversations, not just about Corvus but about how VCs see the world.  Some thoughts about VCs, distribution channels, and number of products seemed worthy of sharing to other entrepreneurs in the space.

 

First, an attempt at categorization of InsurTech.  Everybody has one, here is mine. Many, perhaps most InsurTechs are focused on efficiency and reliability of back-room systems for insurer processes, examples range from blockchain for reinsurance transactions to new data that improves underwriting.  Customer – insurer.

 

A second category focuses on digital distribution of insurance.  From term life to renter’s insurance to SME business covers, these InsurTechs rely on SEM and awesome digital experience combined with behavioral economics and other tech insights in order to connect with online shoppers.  Customer – small premium consumer.

 

Still others are working alongside Corvus to build tech-enabled commercial insurance products sold through brokers.  Whether new data comes from social media, mobile phones, IoT sensors, and the like makes little difference to these InsurTechs.  They key is getting to commercial sized organizations that benefit from the new data. And the only road to the mid-sized commercial insurance market is through brokers.  See Zenefits and their $500MM of capital if you still think otherwise. Customer – insurance brokers.

 

A few InsurTechs are attempting to combine several of these tech advantages.  In the presence of these more ambitious challengers is where Corvus flies. We are trying to master more than one of these InsurTech capabilities.  In fact, we think that mastery of new data sources in order to create tech-enabled commercial insurance products requires a very thoughtful approach to building digital platforms.  Combining our tech-enabled products with a digital experience designed to make our brokers look like heroes and builds barriers to entry for our competitors that will invariably come into the market.  Platforms like our CrowBar will support multiple products, building a brand that can leverage sales, marketing, SEM, and a digital platform. Corvus knows it customers – Commercial Insurance brokers.

 

Some VCs think that the key choice is around the product. They advise companies to stick with one product or one digital capability in order to try to master it before moving on years later.  That may be because one product companies have easier exit strategies – build to sell. Thankfully, some VCs are more ambitious and see that the choice of customer is a more critical defining factor for InsurTech success.  Having chosen a customer to serve, tech needs to be built for all aspects of the experience.

 

As a closing comment, those InsurTechs that aspire to build tech for brokers but also to work around brokers disrespect the channel at their peril.  We won’t forget – commercial insurance brokers. IMHO.  InsurTech. For You.

Umbrella Cargo

Corvus and Sensitech offer ColdStream Bronze Fee Waiver with Smart Cargo Insurance™

Smart Cargo Insurance™ from Corvus uses temperature stability data, collected for decades for shipments of food and pharmaceutical products, to predict and prevent the major cause of Cargo Insurance losses for these companies – spoilage.  We do that by comparing the temperature stability of an insured’s shipments against that of hundreds of thousands of shipment data points. We produce a relative risk score that we share with broker and client. Corvus delivers this information on its CrowBar data platform.  

For insureds that have the best scores, i.e. the highest temperature stability, we offer lower prices and broader coverage on an otherwise standard, broad global Cargo Insurance policy underwritten by Argo Insurance Group (Best’s rated A, XIII).  But the Corvus experience does not end there.

One of our two primary markets is the Life Sciences industry.  Here, many early stage companies buy their first sensors directly at two points of their corporate life – initiating clinical trials and initiating sales of an approved product.  At each juncture, exposure to loss of goods as a result of spoilage spikes. For companies with little or no historical data, Corvus and Sensitech, the world’s leading supplier of temperature sensors for logistics, have teamed up to bring the market new value for shippers of temperature sensitive goods.  With the purchase of Smart Cargo Insurance™ from Corvus, the initiation fees and first year service fees for the Sensitech Bronze Level ColdStream® data platform are waived. Since the purchase of insurance and the expansion of activity (clinical or full market) happen at the same time, it is a timely win for early stage Life Science companies.  

With our powerful combination, during the policy period, we will monitor new information from ongoing shipments.  If we spot negative trends, we will inform broker and policyholder with actionable recommendations generated by the CrowBar.  We call this ongoing digital inspection service Dynamic Loss Prevention™. It is unprecedented in the insurance industry. In fact, Smart Cargo Insurance is the first IoT (Internet of Things) based Commercial Insurance policy ever!

We also analyze the temperature stability data to determine other patterns that might be predictive of claims.  For examples, we break down the temperature stability readings based on shipment source and destinations. In that way we are able to help an insured see “near misses” of spoilage in order to use that information to improve its internal processes.  This form of Business Intelligence is all driven by our software tools.

Risk scores.  Dynamic Loss Prevention™.  And Business Intelligence. That’s why we call it Smart Cargo Insurance.  

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Threading the data needle…

The amount of data being generated around us is transforming the way we live today, and will continue to alter what’s possible in our world. Our pockets contain powerful computers which track and transmit where we go, who we communicate with, which websites we visit, and help us capture pictures and videos of the places we visit. Our homes contain video cameras, electronic thermostats, and even new refrigerators upload our data to the “cloud”. Inexpensive IoT sensors track useful (and sometimes useless) data, including temperature, humidity, light levels, and location data. Their usage is increasing exponentially. Virtually every activity we and our sensors do creates a digital trace. Recently, data overtook oil as the world’s most valuable asset (via The Economist). What if we used this data to help determine risk and help us prevent adverse events?

That is part of the reason that Corvus is building the CrowBar, our commercial insurance platform used by Brokers and their clients, and Corvus Underwriters. The CrowBar provides an online, digital experience so our users can get their work done more efficiently and with greater insight. The CrowBar effectively uses new sources of data such as IoT sensors, mobile devices, and security scans to create a powerful, data-driven experience for our users.

One of the product/engineering design principles in building the CrowBar is KISS or Keep It Simple Stupid, first noted by the US Navy back in 1960. The KISS principle states that most systems work best if they are kept simple rather than being made complicated; therefore simplicity is a key goal in design, and unnecessary complexity is avoided. Since the CrowBar is able to leverage external data sources to help our Underwriters assess risk, we are able to provide a “simple” yet powerful experience for our end users. Look at a traditional typical cyber security application: customers fill out PAPER forms (or a PDF), typically having double digit pages and HUNDREDS of questions. It is a dreadful experience for the applicant and is completely subjective, no external data is leveraged.

The Corvus Smart Cyber experience starts with an ONLINE questionnaire which is comprised of a few questions which are dynamically updated as questions are answered; there is no need to fill out unnecessary or irrelevant questions which are typical in the paper forms. Corvus uses the answers from the questionnaire to get even more data through automated means which provide us with a comprehensive cyber security profile using non-intrusive security scans as well as other sources of publicly available data. Corvus then applies artificial intelligence and machine learning techniques to the data to help us stratify customers into groups who are at risk and those who are less at risk. This helps us correctly price our products and helps us determine which coverages can be added to our insured’s cyber policies, rewarding cyber-safe customers with better rates and additional coverages. What’s even better is the CrowBar provides customers with our Dynamic Loss Prevention Guide which has specific recommendations to help them improve their risk profile and reduce their security risks. All parties win – claims go down for Corvus allowing us to offer broader coverage and more analysis. Now that’s making good use of our world’s newly available data

It is predicted that by 2025, our world will be generating 163 ZETTABYTES worth of data per year (a zettabyte is one trillion gigabytes, that’s a lot of hard drives folks!) Check out this Forbes article for ideas on how we will collectively manage all this data. Self-driving cars will probably create and process up to 100 Gigabytes of data per second!

Corvus aspires to continue to use this plethora of data in meaningful ways to help us achieve our mission: to make the world a safer place by helping organizations mitigate or eliminate the impact of adverse events. If we continue to harness the right data effectively, I am sure we will succeed.

 

 

 

Cyber

Smart Cyber Insurance and The Evolution of Cyber Risk

Massive retail data breaches, state-sponsored malware attacks, and the mishandling of sensitive information by the world’s largest companies have kept cyber risk in the headlines for the greater part of the last decade. Digitization has forced even smaller organizations to consider a wide variety of both internal and external threats to data security. The self-contained enterprise is a thing of the past, as more companies rely on third party vendors for services related to data storage, web hosting, IT security management, logistics and more. While these providers have allowed companies to operate more efficiently, cyber exposures have increased as a result. It’s no wonder cyber liability coverage has received much of the recent attention in the commercial insurance world.

Nearly 15 years ago, the earliest versions of stand-alone cyber policies would only cover third-party liability arising from the wrongful release of confidential information. Expenses related to first-party breach notification costs, digital forensics, data destruction, and contingent business interruption were not typically addressed. Not only was the coverage limited, but the underwriting process was arduous as insureds were forced to complete lengthy applications, supplemental questionnaires, and teleconferences to discuss the details of their IT security. Carriers offered few proactive risk management services, forcing insureds to incur additional expenses if they needed guidance on IT security best practices.

While insurers have made progress broadening the scope of cyber coverage, unfortunately many of the outdated methods of underwriting remain commonplace and carrier loss prevention advice is often inadequate.

At Corvus, we take a vastly different approach to underwriting and risk management. We believe in leveraging the best technology to assist our policyholders proactively address cyber risk. Rather than relying on prolonged applications with limited value, we use non-invasive web scans as part of the underwriting process and we provide our customers with meaningful insight into their IT security performance. At the time of quoting and throughout the policy period, we deliver a detailed analysis of the insured’s security operations with concise, risk-prioritized recommendations to resolve critical vulnerabilities. We red-flag IT supply chain issues and we offer meaningful business intelligence reports to insureds that are serious about confronting cyber risk head-on. Policyholders have access to a number of resources to help strengthen their IT security posture, including sample IT security policies, online privacy training, and a directory of pre and post breach experts. We call this process as Dynamic Loss Prevention™.

More precise underwriting means improved coverage and competitive premiums as well. Insureds with the strongest IT security controls are eligible for broad-form first and third party coverage, including extensions for blanket contingent business interruption triggered by cyber perils, system failure, reputational loss, social engineering, ransomware, and much more.

Our mission at Corvus is to arm commercial insurance brokers and our policyholders with the best available tools to tackle cyber risk from all angles. A modern and dynamic solution is required to address a constantly evolving risk landscape. This tech-enabled, holistic approach to risk management is what we call Smart Cyber Insurance™.

 

 

 

 

 

 

We Built the First Commercial Insurance Policy Powered by the Internet of Things (IoT)

…And why it’s not all about the IoT

Corvus Insurance, a tech-enabled MGA, was founded in early 2017 in order to leverage existing technologies and data that might be used to predict and prevent commercial insurance claims. Putting this data to work can greatly improve underwriting, loss control and claims outcomes while driving down the overall cost of risk to organizations. Corvus hopes it will make the world a safer place.

 

Corvus, comprised equally of veteran tech and insurance leaders read the same tea leaves that were available to everyone in the commercial insurance industry in the past few years. Data is everywhere and expanding exponentially. Experts and futurists all predicted that IoT data would empower new innovation in insurance. Incumbent insurers are as aware as any tech startup about this opportunity. A recent LexisNexis survey reports that 70% of top insurer executives think having an IoT strategy is important while 79% report that they don’t have an IoT strategy. Why did it take this long to happen and how did a little startup pull it off?

 

At first it is difficult to understand why no other insurer had demonstrated success in IoT. Data from sensors can be used to predict the likelihood of a claim if the data measure a precurser to a major type of claim (pressure from the weight of snow on the roof) or if they can measure and respond on the spot to slowly developing claims (think water leaks). Given that data, Corvus could select it s customers and price its commercial products better than competitors. And, Corvus could use the data to warn customers about impending or more likely claims, something we now call Dynamic Loss Prevention™ to bring added value to customers by helping them to act to prevent claims from happening. We could even use the data to provide benchmarking and other business intelligence as a differentiator. So, how did the journey take shape?

 

We started by looking at use cases (that’s the tech vocab) for causes of loss. We tried to answer the question: What causes of loss are monitored by sensors with data collected? That was easy, sensors are indeed everywhere – in vehicles, on machines, on HVAC systems, security systems, temperature sensors, light sensors, and water overflow sensors. That is part of the problem, sensors are in too many places to start to narrow the search.

 

So, we decided to start at the other end of the problem. We asked the question: what industries had a lot of claims that might be predicted by sensors? While we could find some use cases in liability insurance most were related to property insurance. Still, lots of industries share the same set of common losses – theft, fire, temperature, collapse. Our initial focus was on buildings since they sometimes had integrated systems for a combination of insurance perils like theft, water leakage, and fire.

 

We contacted numerous large sensor companies and some niche players, as well. They all seemed aware of the opportunity to use data to predict and prevent insurance claims. They were willing to work with a startup like Corvus, too (perhaps because we had funding from Bain Capital Ventures). We started to negotiate terms, it all seemed great. Except for one thing. They would not give us the names of their customers, and it seemed we could not guess at that since most of them had modest market shares. If we presented an IoT empowered insurance product to brokers and told them it was good for any building owner that had sensors from company A, the brokers would quickly retort: how will we know if my client’s building has sensors from company A, they only represent 10% of the market so I will be wrong 90% of the time. Worse, most of the use cases lacked even rudimentary data to predict which data scores are predictive of claims. Back to the drawing board.

 

That forced us to think narrowly. What industry bought a lot of insurance for a significant risk that could be predicted by data from sensors? We eventually found our way to the market leader for temperature sensors for food and pharmaceutical goods – the major cause of loss for goods in transit for these companies was spoilage. And they measured the temperature of the goods frequently, not for insurance purposes but for regulatory reasons. Finally, time to roll up the sleeves.

 

In April of this year, we launched Smart Cargo Insurance™ coverage to insurance agents and brokers and their clients in the Food and Pharmaceutical industries. We are quoting and binding business. While it is too early to declare victory, we achieved a small milestone for the insurance industry. The first commercial IoT-based Insurance policy.

 

Not only does the policy allow us to better price risk, it also allows us to identify accounts with the lowest risk factors. And we respond to that by offering broader coverage, particularly around the spoilage peril, to accounts with high scores. We don’t stop there, however, since we use ongoing data from the IoT sensors to inform us about trends for our insureds, providing them with Dynamic Loss Prevention™ reports that can help prevent a claim. And we use minute by minute shipment data to enhance our subrogation rights, allowing us to reduce cost for us and the policyholder.

 

But, what we learned along the way is that our model, our playbook if you will, is just as applicable to any new source of data. So, while building a IoT policy is a happy milestone for Corvus and the insurance industry, it has exposed us to thinking about other sources of data to inform underwriting, loss control and claims, all to benefit the policyholder and their broker.

Using Cargo Temperature Data To Prevent Future Spoilage

Smart Cargo Insurance™ from Corvus uses temperature stability data, collected for decades for shipments of food and pharmaceutical products, to predict and prevent the major cause of Cargo Insurance losses for these companies – spoilage. We do that by comparing the temperature stability of an insured’s shipments against that of hundreds of thousands of shipment data points. We produce a relative risk score that we share with broker and client. Corvus delivers this information on its CrowBar data platform.

 

For insureds that have the best scores, i.e. the highest temperature stability, we offer lower prices and broader coverage on an otherwise standard, broad global Cargo Insurance policy underwritten by Argo Insurance Group (Best’s rated A, XIII). But the Corvus experience does not end there

 

During the policy period, we monitor new information from ongoing shipments. If we spot negative trends, we inform broker and policyholder with actionable recommendations generated by the CrowBar. We call this ongoing digital inspection service Dynamic Loss Prevention™. It is unprecedented in the insurance industry. In fact, Smart Cargo Insurance is the first IoT (Internet of Things) based Commercial Insurance policy ever!

 

We also analyze the temperature stability data to determine other patterns that might be predictive of claims. For examples, we break down the temperature stability readings based on shipment source and destinations. In that way we are able to help an insured see “near misses” of spoilage in order to use that information to improve its internal processes. This form of Business Intelligence is all driven by our software tools.

 

Risk scores. Dynamic Loss Prevention™. And Business Intelligence. That’s why we call it Smart Cargo Insurance.