CASE STUDIES
Cargo Insurance Made Easy 

Background 

Commercial cargo insurance underwriters obtain information about the goods and their value from the Bills of Lading (BL) documents and the trade invoices for the goods.  These data items have to be provided to the insurer by the parties seeking insurance. 

Insurers and underwriters process this information to decide the insurability of the cargo,  and the insurance premium to be charged. 

Insurance companies make use of either internal software applications or third-party vendor software to receive the necessary data and to generate certificates of insurance.  In some cases they provide their clients access to the software and in other cases they setup of a ‘concierge service’ to extract the relevant information from BLs and invoices and enter them into the certificate issuance software. 

If a claim has to be made on an insurance policy, several other documents are needed to be extracted and provided in order to process the request. The mechanism for this varies between insurance companies, with some insurers providing electronic claim forms in their website, to others where the documents need to be assembled and sent via email. 

The Problem 

CERTIFICATE GENERATION

If clients are given access to the certificate generation application:

  • They need to learn how to use an insurer’s application. If they use multiple insurers, then there is unnecessary learning of multiple third party systems. This is not an appropriate use of skilled workers as staff in a trading or freight forwarding company should not have to learn nuances of an insurance underwriting application

  • There are often complex and unnecessary fields that external users have to fill in. For example, the selection of an appropriate Claim Agent at the destination port should not be made by a client user. 

 

If the insurer provides a concierge service to extract data from client documents:

  • Insurance company’s associates need to know where to extract data from heterogeneous client documents. This causes delays in processing, which has financial impact on clients. 

  • Errors made during transcription are, in this case, owned by the insurance company. There will be a cost for each transcription error. 

 

CLAIMS PROCESSING

  • If claims data is collected via email, there is very little traceability about status of processing and whether all documents have been adequately provided for the claim to be made. 

  • If claims are made via insurer’s or third party’s website, then tracking and reporting requires accessing each insurance vendor’s application and exporting the data to the client’s own systems. 

Telligro Ubix Solution 

Clients seeking cargo insurance can use the Ubix platform to sign up with insurance underwriters. 

Simplified data entry. Users only need to provide basic information about the shipment. Various tools such as OCR and NLP are available to assist users by intelligently interpreting text and convert them to data items that are then sent to the actual insurance application software for certificate generation and claims processing. 

Automated calculation of claim agent. Ubix uses multiple techniques to automatically determine the best claim agent for each shipment. This can be done across insurers and their supported agents. 

Multi-channel interface. Client can use browser, email, and chat interfaces in order to trigger the insurance processes. 

Benefits of Telligro's Ubix Solution 

FOR INSURANCE SEEKERS

Intuitive interface. Users from client organizations can concentrate on their domain and not have to learn how to use insurance companies’ software.

Instant results. Certificates can be generated on demand 24x7x365.  Status of processing can also be determined whenever required. 

Consolidated reporting. Clients can consolidate data from multiple insurance providers on the Ubix platform and can analyze their insurance strategy and spending. This data can also be correlated with other activities that clients conduct via the Ubix platform. 

FOR INSURANCE PROVIDERS

Reduce data entry errors. Outsourced services of third-party agents is eliminated, resulting in significant reduction of re-key errors. 

Save middle-office / back-office cost. Outsourced services of third-party agents is eliminated, resulting in significant reduction of re-key errors. 

New client acquisition. Get found by potential clients who are on the Ubix platform.