Overhaul Introduces Technology-Integrated Insurance Offering to Significantly Reduce Total Cost of Risk and Improve Supply Chain Performance for Global Shippers
AUSTIN, TX, October 4, 2022 /PRNewswire/ — Revision, a supply chain visibility, risk, compliance and assurance software solution for the world’s leading brands, has unveiled an innovative assurance offering for the modern supply chain. Leveraging the industry’s leading platform of enterprise risk technology and proven risk reduction results, Overhaul’s Shipper’s Interest Insurance Program is designed to help mid-market shippers significantly reduce their losses while improving their overall supply chain performance.
Offered exclusively to users of Overhaul’s risk management solution, the Shipper Interest Assurance Program merges Overhaul’s years of visibility, risk and compliance experience with a premium insurance solution to give customers a unified view of their logistics ecosystem. By spotting non-compliances and helping manage exceptions in real time, Overhaul gives shippers the power to respond to events as they happen, rather than after a loss. Now, even in the event of a loss, Overhaul’s high-quality data and team of experts help customers close their claim quickly, reducing costs for everyone involved.
“Traditional underwriting does not consider technology solutions that can reduce risk,” said Barry Conlon, Founder and CEO of Overhaul. “The Shipper’s Interest Insurance program modernizes this antiquated process to lower a shipper’s total cost of ownership by leveraging our risk mitigation solutions.”
Offered through Review Risk Advisory Services and written on AM Best A-rated paper, the Cargo Insurance program covers the shipper’s legal cargo while in “transit”, as defined by the policy. , from the point of origin until their acceptance at the intended destination. The program also applies to logistics service providers who are contractually bound to carry the shipper’s interest on behalf of their shipper clients. Among the losses covered, shippers could benefit from protection against damage to products, deterioration of products and theft of products. Key benefits for shippers:
Reduced total cost of risk
Very competitive premiums
Wide and flexible coverage
Integrated and active loss prevention
Improvements to the risk management process
Simplified Notice of Claim and Investigation
Over the past 12 months, Overhaul has overseen 2.3 million active shipments and tracked more than $588 billion in the total freight. With a first-hand view of these expeditions, Overhaul has obtained $226 million in goods through real-time interventions associated with risky shipments and has an estimated loss rate reduction rate of 80%.
“We merge active risk management with financial risk transfer so that our customers and partners can truly reap the full benefits of lowering the total cost of risk,” said David Braunstein, Executive Vice President of Insurtech at Overhaul. “Through our shipper interest assurance program, Overhaul will not only bring truth and clarity to risk and pricing decisions, but also provide proactive risk management when real-world intervention is needed.”
The Cargo Insurance offer is currently available with eligible overhaul customers to receive a quote and overhaul plans to offer additional insurance solutions coming to market in 2023. Learn more here.
About the review:
Founded in 2016 and based in Austin, TX, Overhaul is the only data-agnostic supply chain security and visibility solution. Overhaul transforms real-time visibility into risk management, compliance and insurance solutions for its partners. Its software-based approach provides high configurability and effective time to value for supply chain organizations without heavy technology. Additionally, experienced Overhaul team members have thousands of years of logistics experience, partnering with each customer to create a complete solution for their entire supply chain. As such, Overhaul has quickly become a trusted supplier for Fortune 100 companies moving freight around the world in sectors such as pharmaceutical and healthcare, technology, logistics, food and beverage. . Clients include Microsoft, Bristol Myers Squibb and many others. For more information, visit overhaul.comand follow them on LinkedIn, Twitter and Facebook.
Disclaimer: Overhaul Risk Advisory Services, DBA: Overhaul Risk Insurance Services (ORAS) is a licensed insurance brokerage (Texas license number #2800637). ORSA is not insurance company, but acts as an agent and/or advisor for certain insurance companies and programs. ORAS earns a commission and may receive other performance-based compensation for its services. All remuneration received by ORAS, its affiliates and its employees may vary according to insurance company and the states where the business is located.