UPS Capital Integrates Technology-Driven Cargo Insurance Solution With Leading Transportation API Provider
05 Avril 2018 - 3:00PM
- Broadens access to transactional cargo insurance for
shippers
- Integrated design streamlines coverage selection
UPS Capital, a subsidiary of UPS (NYSE:UPS), today announced
expansion of its transactional cargo insurance portfolio with
leading live carrier and API connection provider Banyan
Technology. This new integration allows shippers and Third
Party Logistics (3PLs) providers to more seamlessly select
transactional insurance coverage at the time of shipment processing
and experience enhanced claims processing.
“Companies can protect their in-transit goods more quickly and
easily with this API integration” said Dave Zamsky, Vice President
of Marketing, UPS Capital. “While the vast majority of shipments
move without issue, a recent study commissioned by UPS Capital
revealed that 92% of shippers experience some type of loss, damage
or delay each year1. Integrating with Banyan provides
shipments with coverage beyond standard carrier liability.”
Companies using Banyan’s transportation management solution, or
their suite of APIs, can obtain transactional cargo insurance
coverage for their LTL shipments. Coverage can be elected at
the time of shipment and generally covers reimbursement up to the
invoice value of the goods, helping minimize margin erosion in the
event of loss or damage. This is meaningful as the value of goods
transported is projected to increase faster than tonnage2.
With almost 50 million tons of goods valued at $52.7 billion
moving through the U.S. freight system daily2, incorporating
seamless access to insurance coverage is a value-added benefit for
businesses that want to protect their investments throughout the
supply chain. “The key is to integrate insurance in the natural
workflow of the freight transaction” said Lance Healy, Chief
Innovation Officer, Banyan Technology. “Most shippers and even some
3PLs don’t realize the difference between carrier liability
coverage and cargo insurance. This program delivers tremendous
protection in the event of a loss or damage.”
Coverage can include the following:
- All-risk, door-to-door coverage
- Freight collect, third party, prepaid and return shipments
- Concealed damage up to 30 days
- Theft or shortages
- Expediting expenses
1 Loss and Damage in the Supply Chain study, UPS Capital2 Bureau
of Transportation
Statisticshttps://www.rita.dot.gov/bts/sites/rita.dot.gov.bts/files/publications/transportation_statistics_annual_report/2016/chapter_3
About UPS Capital
Nobody understands transportation and logistics like UPS. And
while you’ve probably never thought of a UPS company for financing
and insurance services, the global supply chain expertise of UPS
Capital uniquely positions us to help protect companies from risk
and leverage cash in their supply chains. UPS Capital and its
affiliates have offices throughout the United States, as well as
operations in Asia, Europe and Latin America. For more information,
visit https://upscapital.com/.
About Banyan Technology
Headquartered in Cleveland, Ohio, Banyan Technology is North
America's leading provider of live carrier and API connectivity for
transportation management. With more than 1,400 parcel, LTL, volume
LTL, and full truckload carrier connections and 33,000 client
locations accessing the application, Banyan Technology provides
commercial shippers, brokers, and 3PLs with unparalleled access to
carrier data. These connections boost efficiency, improve
visibility, and deliver permanent reductions in shipping costs. For
more information on Banyan Technology, visit
www.banyantechnology.com.
© 2018 United Parcel Service of America, Inc.
UPS, UPS Capital, the UPS brandmark, and the color brown are
trademarks of United Parcel Service of America, Inc. All
rights reserved. UPS Capital insurance products are
underwritten by an authorized insurance company and issued through
licensed insurance producers affiliated with UPS Capital Insurance
Agency, Inc., and other affiliated insurance agencies. UPS
Capital Insurance Agency, Inc. is a wholly owned subsidiary of UPS
Capital Corporation. The insurance company, UPS Capital
Insurance Agency, Inc. and its licensed affiliates reserve the
right to change or cancel the program at any time. The
insurance program is governed by the terms, conditions, limitations
and exclusions set forth in the applicable insurance policy.
Insurance coverage is not available in all jurisdictions.
LinkedIn is a registered trademarks of LinkedIn Corporation and its
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Facebook, Inc. in the United States and other countries.
Kristin DeBates
404-828-4032
kdebates@ups.com
United Parcel Service (NYSE:UPS)
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