FreightInsure launches embedded cover for NZ with up to $100,000
The service allows customers to purchase pay-as-you-go insurance for each consignment, providing cover of up to $100,000 against loss or damage. This removes the need for customers to arrange annual or bulk marine policies and seeks to address common issues including underinsurance and disputes over claims resulting from lost or damaged goods during transport.
Scope of coverage
FreightInsure's offering is available for local, national, and international shipments and is underwritten by HDI Global Specialty SE, which holds a Financial Strength Rating of AA- (stable) from Standard & Poor's and A+ (stable) from AM Best. The platform supports a broad range of freight types, but FreightInsure expects the greatest demand from businesses moving parcels and carton freight, largely due to the ongoing growth in eCommerce sales volumes.
Simon Schwarz, Co-founder and Chief Executive Officer of FreightInsure, commented on the launch and the intended benefits for New Zealand businesses seeking more accessible freight insurance. "We're excited to work alongside local freight companies and brokers to offer a modern insurance experience for goods in transit, even for low-value or one-off consignments. Embedded insurance turns freight protection into a service that's easy for customers to purchase, reducing disputes over lost or damaged goods, while offering operators a new source of revenue."
FreightInsure previously launched its embedded freight insurance product in Australia in 2022. Since then, the platform has expanded to customers in four countries across the Asia Pacific region. The company notes that feedback from the market has highlighted that the ability to purchase a micro-policy for each consignment during the booking process (coupled with no excess and prompt claims processing) has increased the adoption rate of freight insurance and helped address widespread underinsurance in the industry.
Industry feedback
Michelle Price, Chief Commercial Officer for Asia Pacific at InXpress, stated, "InXpress has seen great success partnering with FreightInsure in the Australian market, providing our customers with peace of mind through reliable, easy-to-use freight insurance solutions. FreightInsure's service is second to none, simple, efficient, and seamlessly integrated, making it easier for our franchisees and customers to protect their shipments while streamlining day-to-day operations. FreightInsure launching in New Zealand allows even more of our customers to benefit from the same trusted protection and operational ease."
Fiona Marshall, Director at Freight People, offered similar views, noting the company's experience with FreightInsure to date: "Freight People has been a long-standing client of FreightInsure in Australia, and we truly value the strong relationship we've built over the years. Their embedded insurance solution integrates seamlessly into our freight booking process, providing reliable cover that is easily accessible by our customers and responds effectively to the everyday risks of loss and damage. What sets FreightInsure apart is the speed and ease of their claims process – getting claims paid quickly means we and our customers can stay focused on business without unnecessary disruption. We're genuinely excited to support their launch into New Zealand, where there's a clear gap in the market that we're confident FreightInsure is well positioned to fill, based on their proven track record in Australia."
Integrated technology
FreightInsure's platform is designed to be incorporated into freight carrier, 3PL (third-party logistics), 4PL (fourth-party logistics) providers, and freight marketplace booking systems. End customers are able to add insurance to consignments in a manner similar to purchasing travel insurance during flight or car rental bookings. The claims process is handled by FreightSafe, an independent claims manager within the Australian transport industry. FreightInsure states that claims are typically settled within seven days or less.
The company has identified strong growth in the New Zealand freight and logistics market, as reflected in export activity and increased demand from the expanding eCommerce sector. FreightInsure sees its embedded technology and operational model as solutions that are likely to appeal to both freight operators and their business customers.
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