Trade Tech Adds “Instant” Marine Insurance to Its AMS Solution
BELLEVUE, Washington – Trade Tech, an integrated global application service provider for the transportation and logistics industry, is now offering an instant marine insurance option through its global trade management solution known as Trade Manager™ in partnership with the Baldwin Resource Group and the Chubb Group of Insurance Companies.
Freight forwarders and Custom’s House Brokers using Trade Tech’s Trade Manager™ can now simply press a button to purchase marine insurance after completing their AMS profile. Trade Tech has contracted with the Baldwin Resource Group, a risk management and insurance specialist, and Chubb Group, who has more than 127 years of insurance experience, to provide this value-added service to its users as part of a single source global trade management solution. Once the insurance is purchased via Trade Manager™ and if a claim is made, it is paid promptly by the Chubb Insurance Group.
According to Bryn Heimbeck, Trade Tech’s CEO, there are many advantages to the new insurance offering. “The process of purchasing insurance is often duplicated and shippers, forwarders and brokers sometimes forget or they are too busy with other processes. In this case, the Custom’s broker or freight forwarder can find themselves in an Errors & Omissions situation, not covering the customer per the contract, which can lead to a major liability,” said Heimbeck. “One button completely automates insurance from the bill of lading, which frees up the user’s time and mitigates the risk of forgetting – it’s right there at their fingertips as part of a complete application.”
“Using the AMS data customers put into Trade Tech’s portal makes it easy to purchase the necessary coverage, facilitates the billing process, and provides an instant certificate of insurance,” said Grant Baldwin, program administrator for the Baldwin Resource Group. “This is a unique product for Trade Tech which allows the customer to purchase marine insurance in seconds and without delay. This gives shippers more time to do what they do best – move freight with peace of mind.”
Value-added services such as marine insurance, packaged into a global trade management product, make it easier and faster for shippers, freight forwarders and Custom’s House brokers to do business collectively, noted Heimbeck. “By offering a suite of services, our forwarder and broker customers can work online in a single source environment connected to other services such as purchase order management, security and accounting,” he said.
Trade Tech’s Trade Manager™ provides flexible shipment management and full operational features from multiple origins to multiple destinations on the same work flow platform, based on standard “templates” for each unique transportation event. This includes consolidation, transshipment or reconsolidation, and destination milestones. Information flows in a collaborative fashion with each station (origin, gateway and destination) adding incremental data to the current shipment data pool. This significantly reduces redundant key-stroking and filing inherent with manual processes such as marine insurance.
“Trade Tech’s instant insurance product creates fewer errors and an increased likelihood of coverage – built in risk management,” said Baldwin. “This leads to greater profitability from efficiencies and enhanced revenue. Due to the economy of scale and being able to secure terms on a bulk rate, the margin of profit to the shipper could be big. The platform provides the shipper an easy one touch/step solution in securing the insurance where sometimes they forget to offer the insurance at all.”
About Baldwin Resource Group:
Baldwin Resource Group focuses on helping clients build, protect and preserve their assets and operations. While Baldwin Resource Group offers its clients the core insurance products associated with a property/casualty & benefits insurance broker, the company’s purpose is to go well beyond that by providing a broad range of business consulting services to complement the ever-increasing complexities of risk management and insurance. For more information, visit www.baldwinrgi.com.
About Chubb Group of Insurance Companies:
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb's global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia. For more than 127 years, the Chubb Group of Insurance Companies have been providing property and casualty insurance products and services to businesses and individuals around the world.
About Trade Tech:
Trade Tech is an integrated global application service provider for the transportation and logistics industry and is owned and operated by industry professionals. It also is an ERP for the freight-forwarding and NVOCC community, licensing and delivering applications in eight key areas, including:
- Cost optimization / pricing
- Transportation management
- Rate management
- Supply chain / purchase order management and visibility (tracking and tracing)
- Sales / operations
- Accounting
- AMS/ACI and security related to ocean and air transportation, including all Cargo Security Filing requirements, including Smart Border
- 10+2 Rule Solution Provider
Founded in 1997, Trade Tech’s applications link shippers, importers, Customs House Brokers, consignees, NVOCCs, carriers, truckers, warehouses and forwarders, providing visibility of the movement of goods throughout the supply chain. Trade Tech clients enjoy access to the latest applications and data anywhere in the world every time they log on to the Trade Tech network – without any software downloads.