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Every step of the supply chain, from loading goods onto trucks to their final delivery, involves inherent risks. These risks can range from accidents and theft to delays and damage to cargo. In such a dynamic environment, innovative solutions that enhance risk mitigation and reduce freight insurance premiums are a must. One such promising collaboration is between Loadsure and Overhaul, two leading entities in the logistics technology sector.
Understanding Loadsure and Overhaul
Loadsure is a digital freight insurance platform that provides data-powered cargo insurance solutions for freight forwarders, shippers, and carriers in seconds. By leveraging advanced technology such as artificial intelligence and machine learning, Loadsure offers on-demand liability coverage. It also makes filing a claim simple and protects various types of freight from loss or damage. This can include everything from “acts of god” like natural disasters to pilferage or full truckload theft.
On the other hand, Overhaul provides in-transit visibility and risk management solutions. We go beyond location tracking and report on quality and compliance of products while in transit. We also apply AI and human intelligence to combat theft. Additionally, we work with insurance companies to reduce insurance costs for shippers and logistics service providers (LSPs).
How our partnership protects your shipments
The partnership between Loadsure and Overhaul brings together complementary strengths to create a comprehensive risk mitigation and insurance solution for the logistics industry. The combination of Loadsure’s cargo insurance with Overhaul’s tracking and risk monitoring helps companies minimize risks. This enhances supply chain efficiency and minimizes potential losses.
Additionally, Loadsure’s partnership with Overhaul removes the strain of shipping valuables. Together, we provide financial protection in the event of damages or loss while making the shipping process more secure. In short, our partnership uniquely enables us to provide visibility, risk management, and insurance solutions all on one platform.
Here are a few more ways our partnership allows us to help:
1. Real-time risk monitoring
Through the integration of Overhaul’s real-time monitoring capabilities, stakeholders gain unprecedented visibility into their supply chain operations. They can track shipments in real-time and monitor environmental conditions. They’ll also receive alerts for any deviations from the planned route or schedule. This visibility enables proactive risk management and timely interventions to prevent potential losses.
2. Dynamic freight insurance coverage
Loadsure’s dynamic, on-demand cargo insurance product “ThamesTM” complements Overhaul’s real-time monitoring. It provides broad insurance coverage for the unforeseen, such as acts of God, on individual shipments, ensuring adequate cargo protection, throughout the freight shipment’s journey.
3. Streamlined claims processing
In the event of a loss, customers can immediately trigger the claims process within the portal, or even straight from the certificate of insurance, and benefit from electronic document validation and real-time payment processing for faster resolution and reimbursement.
Soon, Overhaul customers will enjoy an automated claims process, which leverages data directly from the Overhaul platform, resulting in expedited claims assessment and settlement; reducing downtime and minimizing financial losses.
4. Lower freight insurance premiums
Loadsure and Overhaul’s collaboration not only enhances risk mitigation but also directly impacts insurance premiums. By leveraging real-time visibility, proactive risk management, and dynamic insurance coverage, stakeholders can demonstrate a lower risk profile to insurers, ensuring that businesses pay for the cover they need at a sustainable price.
In other words, insurance companies want businesses to take steps to prevent risks in real-time. By working to improve visibility and risk monitoring, companies demonstrate that they are actively managing risks and have a strong track record. This is why businesses who work with Loadsure and Overhaul can optimize their insurance costs.
A promising future for Loadsure and Overhaul’s partnership
The partnership between Loadsure and Overhaul represents a significant advancement in the logistics technology sector. Together, we provide real-time visibility, dynamic freight insurance, and streamlined claims processing. This collaboration enables stakeholders to enhance efficiency, minimize damage or loss, and reduce insurance premiums.
Our comprehensive solution for risk mitigation and freight insurance coverage is just part of our holistic approach to risk. The goal is always to prevent loss and damage. However, should the worst happen and you need insurance, we make it easy to understand and access. The relationship between cargo insurance and risk is constantly evolving. Fortunately, Loadsure and Overhaul are playing a crucial role in the future of risk management and insurance. Help us shape that future by learning more about our partner program.
