Swiss insurance company Chubb has innovated its insurance solutions for the marine transport industry by offering instant shipment insurance on the networked trade platform (NTP) through its value-added service (VAS) listing.
Chubb said that a wide variety of goods such as commercial containerised cargo, parcel freight, household goods, and speciality items, including works of art, can now be instantly insured on the NTP.
Designed to be one-stop trade and logistics ecosystem, the NTP supports digitalisation efforts and connects players in the trade value chain in Singapore and in other parts of the world.
As of now, the Swiss insurance company is providing automated shipment insurance in Australia, Singapore, and Korea. The automated shipment insurance is said to enable traders, carriers, logistics service providers, and also insurance intermediaries to get an insurance quotation and bind cover within minutes.
In the past, the process was known to involve lot of paperwork and have a long turnaround time, but now has been made seamless, quick, and available round-the-clock through the new marine insurance offering, said the company.
Chubb further said that to benefit the marine insurance community, the instant shipment insurance technology was developed to be deployed promptly and easily on other platforms. This enables transport operators to easily provide automated shipment insurance to their clients on their respective platforms.
Before the launch of the instant shipment insurance, intermediaries of the company were able to quote and offer marine insurance to shippers instantly using CargoAdvantage, a web-based marine insurance quoting and issuing system.
Chubb Asia Pacific regional marine manager Anthony O’Brien said: “Being part of the NTP ecosystem reinforces Chubb’s commitment to innovate in marine cargo insurance. We are proud to be part of this robust, vibrant environment, and pleased to be able to serve and grow with the community.
“In addition to our automated solutions, Chubb’s team of specialists will be on hand to assist with complex marine insurance risks such as heavy lift and over-dimensional freight, special transportation contracts, higher value shipments, as well as fine art and valuable goods in transit.
“Our shipping and transport partners can also be assured with Chubb’s strong network of claims, e-commerce, and risk management professionals in the Asia Pacific region.”
Recently, the Swiss insurance company launched new small business insurance services to the food service industry via its digital platform, the Chubb Marketplace. The available coverage options under the newly launched services are said to offer protection against the types of risks faced by restaurants and other small food businesses in a growing market.