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Day: 10 November 2023

Game-Changing Partnership in Logistics Insurance

Posted on by David Priestman

Otonomi, specialist in innovative supply chain risk technology and the freight insurance industry, has joined forces with Redkik, a leading innovator in the embedded cargo insurance space, to revolutionize the way logistics companies and shippers mitigate their financial risks. This ground-breaking partnership is aimed to bridge a $50 billion protection gap in the time-critical freight sector, where shippers of pharmaceuticals, perishables, aerospace engines, aircraft parts, and many other expedited assets shipments are in dramatic need of proper insurance coverage.

Powered by proprietary technologies in data-activated triggers, AI-assisted underwriting, and seamless integrated API, this synergetic partnership introduces unparalleled values to cargo owners to gain transparency and mitigate their risks. The unique set of benefits includes: 1) seamlessly embedded insurance solutions, 2) premium rates pricing in seconds, 3) policy binding in minutes, and 4) parametrically activated claims resolution which provides outstanding transparency and speed (22x faster than industry standard).

Logistics companies and shipping clients have long grappled with the cumbersome and time-consuming process of obtaining insurance coverage and filing claims. Redkik and Otonomi’s joint innovative solution aims to streamline and modernize this critical aspect of the industry, ultimately improving efficiency and profitability for all stakeholders involved.
Key Benefits of the Partnership

This collaboration brings unparalleled benefits to an industry always in motion:

● First-to-Market Air Cargo Delay Insurance: Otonomi introduces air freight delay protection policies that are unprecedented in the industry. Otonomi’s Cargo+ policy coverage offers logistics companies and cargo owners fast, cost-effective, and transparent operations, reducing financial risks associated with delays in cargo shipments.
● Instant Transactional Insurance Quotations: Through the integration of Redkik’s cutting-edge technology along with Otonomi’s algorithmic underwriting engine, clients can now receive instant insurance quotes, simplifying the decision-making process and allowing for quicker coverage acquisition.
● Remarkable Reduction in Claim Resolution Times: The platform, with its data-activated triggers and smart contracts, dramatically reduces claim resolution times, by orders of magnitude. This swift resolution process minimizes disruptions to logistics operations and ensures faster claims payouts.
● Significant Administrative Cost Savings: Redkik and Otonomi’s integrated digital wallet and automated processes substantially cut administrative costs, allowing companies to allocate resources more efficiently and improve their bottom line.
● Enhanced Coverage and Risk Management: The coverage is further enhanced by AI-assisted portfolio risk models and advanced stressed scenario capabilities. This not only opens up new markets but also creates greater opportunities for profitability.

Quote from Otonomi: ”Team Otonomi is thrilled to announce a ground-breaking partnership with Redkik that redefines the insurtech landscape. Together, we are embarking on a journey to revolutionize supply chain risk management by directly embedding insurance solutions into logistics companies and shippers’ ecosystems. Bringing cargo delay quotes in seconds, resolving claims 22 times faster than industry standard, all wrapped up seamlessly thanks to modern API integrations, Otonomi and Redkik empower clients to mitigate freight disruption risks efficiently.”

Quote from Redkik: ”We are proud to join forces with the innovative team at Otonomi. Although often mistaken to be competitors, we actually compliment each other extremely well. Adding an air cargo delay insurance to our existing offerings is yet another powerful value add to all of our existing and future clients and partners. Working with the team at Otonomi has been a lot of fun and we are looking forward to continue to work closely together in the future.”

Game-Changing Partnership in Logistics Insurance

Posted on by Keith McKinley

Otonomi, specialist in innovative supply chain risk technology and the freight insurance industry, has joined forces with Redkik, a leading innovator in the embedded cargo insurance space, to revolutionize the way logistics companies and shippers mitigate their financial risks. This ground-breaking partnership is aimed to bridge a $50 billion protection gap in the time-critical freight sector, where shippers of pharmaceuticals, perishables, aerospace engines, aircraft parts, and many other expedited assets shipments are in dramatic need of proper insurance coverage.

Powered by proprietary technologies in data-activated triggers, AI-assisted underwriting, and seamless integrated API, this synergetic partnership introduces unparalleled values to cargo owners to gain transparency and mitigate their risks. The unique set of benefits includes: 1) seamlessly embedded insurance solutions, 2) premium rates pricing in seconds, 3) policy binding in minutes, and 4) parametrically activated claims resolution which provides outstanding transparency and speed (22x faster than industry standard).

Logistics companies and shipping clients have long grappled with the cumbersome and time-consuming process of obtaining insurance coverage and filing claims. Redkik and Otonomi’s joint innovative solution aims to streamline and modernize this critical aspect of the industry, ultimately improving efficiency and profitability for all stakeholders involved.
Key Benefits of the Partnership

This collaboration brings unparalleled benefits to an industry always in motion:

● First-to-Market Air Cargo Delay Insurance: Otonomi introduces air freight delay protection policies that are unprecedented in the industry. Otonomi’s Cargo+ policy coverage offers logistics companies and cargo owners fast, cost-effective, and transparent operations, reducing financial risks associated with delays in cargo shipments.
● Instant Transactional Insurance Quotations: Through the integration of Redkik’s cutting-edge technology along with Otonomi’s algorithmic underwriting engine, clients can now receive instant insurance quotes, simplifying the decision-making process and allowing for quicker coverage acquisition.
● Remarkable Reduction in Claim Resolution Times: The platform, with its data-activated triggers and smart contracts, dramatically reduces claim resolution times, by orders of magnitude. This swift resolution process minimizes disruptions to logistics operations and ensures faster claims payouts.
● Significant Administrative Cost Savings: Redkik and Otonomi’s integrated digital wallet and automated processes substantially cut administrative costs, allowing companies to allocate resources more efficiently and improve their bottom line.
● Enhanced Coverage and Risk Management: The coverage is further enhanced by AI-assisted portfolio risk models and advanced stressed scenario capabilities. This not only opens up new markets but also creates greater opportunities for profitability.

Quote from Otonomi: ”Team Otonomi is thrilled to announce a ground-breaking partnership with Redkik that redefines the insurtech landscape. Together, we are embarking on a journey to revolutionize supply chain risk management by directly embedding insurance solutions into logistics companies and shippers’ ecosystems. Bringing cargo delay quotes in seconds, resolving claims 22 times faster than industry standard, all wrapped up seamlessly thanks to modern API integrations, Otonomi and Redkik empower clients to mitigate freight disruption risks efficiently.”

Quote from Redkik: ”We are proud to join forces with the innovative team at Otonomi. Although often mistaken to be competitors, we actually compliment each other extremely well. Adding an air cargo delay insurance to our existing offerings is yet another powerful value add to all of our existing and future clients and partners. Working with the team at Otonomi has been a lot of fun and we are looking forward to continue to work closely together in the future.”

CTU Code Boosts Supply Chain Safety

Posted on by David Priestman

The seven industry bodies dedicated to container safety, collaborating as the Cargo Integrity Group, highlight an independent study carried out by researchers at Italian University Politecnico di Torino into shipper and forwarder application of the CTU Code. The 2023 survey yielded encouraging signs of adoption and highlighted several convincing arguments – including financial benefits for its use

The survey highlights multiple benefits to CTU Code users including:
• Improved safety, reputation and supply chain coordination
• Decreased cargo damage, environmental impact and operational inefficiencies
• Those using the CTU Code incurred no extra costs in employees, contractors, or vehicles
• Any increase in loading and waiting times were typically offset by CTU Code related efficiencies overall
• Annual costs and penalties reduced from €670,000 pre-implementation of the Code to €13,000 post-implementation
• Extra costs as a percentage of revenue reduced from 37% to 10%

In the words of the report’s authors (Bruno, et al.), “The application of the CTU Code to cargo loading and transportation processes can increase the safety level of transport activities, and also improve business processes and competitiveness. The results show that the use of the CTU Code provides an increase in safety with a drastic reduction of loading accidents and damage to goods, as well as important benefits in terms of costs, improved efficiency, corporate image and reduced environmental impact.”

The Cargo Integrity Group continues its efforts to underline the positive effects of the widespread use of guidance in the CTU Code, which is the Code of Practice for Packing of Cargo Transport Units jointly published by the International Maritime Organisation (IMO), the International Labour Organization (ILO) and the United Nations Economic Commission for Europe (UNECE)¹.

The Group is dedicated to improving the safety, security and environmental performance throughout the logistics supply chain. In particular, it is concerned to promote safe methods to those responsible for the packing of cargoes in containers, securing them and accurately declaring them.

Welcoming the Politecnico survey, the CEO of ICHCA, one of the Group’s founding associations, Richard Steele said, “As far as we are aware, this is the first example of publicly available empirical evidence about the use of the CTU Code made by forwarders, shippers and others responsible for safe packing. Notwithstanding the regional focus of this particular survey, we believe the results to be genuinely encouraging. They show that good operational management, efficiency and safety are partners, not opposites.”

To facilitate a greater degree of understanding and wider use of what is a lengthy and complex document, the Group has published a ‘Quick Guide’ to the CTU Code, together with an editable and saveable checklist of actions and responsibilities for the guidance of those undertaking the packing of cargoes in containers. These materials are now available in all six of the United Nations’ official languages, as well as Italian.

CTU Code Boosts Supply Chain Safety

Posted on by David Priestman

The seven industry bodies dedicated to container safety, collaborating as the Cargo Integrity Group, highlight an independent study carried out by researchers at Italian University Politecnico di Torino into shipper and forwarder application of the CTU Code. The 2023 survey yielded encouraging signs of adoption and highlighted several convincing arguments – including financial benefits for its use

The survey highlights multiple benefits to CTU Code users including:
• Improved safety, reputation and supply chain coordination
• Decreased cargo damage, environmental impact and operational inefficiencies
• Those using the CTU Code incurred no extra costs in employees, contractors, or vehicles
• Any increase in loading and waiting times were typically offset by CTU Code related efficiencies overall
• Annual costs and penalties reduced from €670,000 pre-implementation of the Code to €13,000 post-implementation
• Extra costs as a percentage of revenue reduced from 37% to 10%

In the words of the report’s authors (Bruno, et al.), “The application of the CTU Code to cargo loading and transportation processes can increase the safety level of transport activities, and also improve business processes and competitiveness. The results show that the use of the CTU Code provides an increase in safety with a drastic reduction of loading accidents and damage to goods, as well as important benefits in terms of costs, improved efficiency, corporate image and reduced environmental impact.”

The Cargo Integrity Group continues its efforts to underline the positive effects of the widespread use of guidance in the CTU Code, which is the Code of Practice for Packing of Cargo Transport Units jointly published by the International Maritime Organisation (IMO), the International Labour Organization (ILO) and the United Nations Economic Commission for Europe (UNECE)¹.

The Group is dedicated to improving the safety, security and environmental performance throughout the logistics supply chain. In particular, it is concerned to promote safe methods to those responsible for the packing of cargoes in containers, securing them and accurately declaring them.

Welcoming the Politecnico survey, the CEO of ICHCA, one of the Group’s founding associations, Richard Steele said, “As far as we are aware, this is the first example of publicly available empirical evidence about the use of the CTU Code made by forwarders, shippers and others responsible for safe packing. Notwithstanding the regional focus of this particular survey, we believe the results to be genuinely encouraging. They show that good operational management, efficiency and safety are partners, not opposites.”

To facilitate a greater degree of understanding and wider use of what is a lengthy and complex document, the Group has published a ‘Quick Guide’ to the CTU Code, together with an editable and saveable checklist of actions and responsibilities for the guidance of those undertaking the packing of cargoes in containers. These materials are now available in all six of the United Nations’ official languages, as well as Italian.

Lithium Forklift Batteries Offer Greener Solution

Posted on by David Priestman

OneCharge is spearheading the adoption of lithium forklift batteries in Latin America (LATAM). Max Khabur, Director of Marketing at OneCharge and a Chairman of the Advanced Energy Council, representing a group of companies, comments.

While the region’s unique challenges demand a high level of flexibility in both business strategies and product offerings, the main pillars of lithium batteries’ success remain the same across various industries: sustainability, superior performance, and a reduced total cost of ownership.

In LATAM, transitioning to green energy faces a few unique hurdles. One significant challenge is the region’s tax rules, which in some countries require a substantial portion of battery production and components to be sourced locally.

This emphasis on localization is linked to another issue: the rate of electrification. Only about 45% of forklifts are electric in LATAM, compared to 70% in the USA. This lower rate of electrification can be partly attributed to the high upfront costs of electric equipment. That is why many LATAM companies are jumping straight from diesel and propane forklifts to electric-powered lift trucks with lithium batteries, bypassing the lead-acid battery-powered models of the past, which did not offer a clear path to a 20–40% reduction of the total cost of ownership of the equipment.

The high cost of capital dictates tight calculations and results in longer sales cycles. In some cases, the need to carefully budget and plan extends the sales process for up to 2–3 years.

Pablo Pino, the Product Manager at Tattersall Maquinarias S.L., confirmed the importance of localization and providing locally available support and service: “Aftersales service of the equipment is really important. The key is to be able to solve any technical issues quickly.” Pino also highlighted the importance of the logistics industry for the region. Port facilities are a big business both in Chile and throughout Latin America. Switching their industrial equipment to lithium batteries is going to bring a tangible environmental benefit.

Starting its journey in Chile in July 2019, OneCharge partnered with Tattersall to equip five Hyster lift trucks with lithium batteries for one of the main Construction Materials companies in the country. As the customer pushed for sustainability, the switch to lithium batteries enabled the business to significantly slash its CO2 emissions.

Multinational giants like Cargill, The Clorox Company, and BAT are championing the shift to lithium batteries in LATAM, mirroring their best global practices (reducing emissions and maintenance costs, getting rid of charging areas). As these corporations operate mixed fleets of forklifts designed for both European and US markets, accommodating varied connectors, battery compartment sizes, and unique engineering designs is of paramount importance. OneCharge’s adaptability in meeting these diverse requirements has been a cornerstone of its success.

Recognizing the lengthy sales cycles in the region, OneCharge has invested in a strategic long-term vision for LATAM. In a significant move, the company set up a local assembly plant in Brazil. By shipping electronics from the US and assembling the batteries locally, OneCharge not only complies with tax norms but also boosts its brand’s recognition locally.

Furthermore, in response to the unique Brazilian market expectation that forklifts come with batteries already installed, OneCharge has collaborated with industry leaders Kion and Hyster-Yale Group, ensuring market demands are met seamlessly.

Results, Return on Investment, and Future Outlook

OneCharge’s focus on LATAM is evident in its expanding footprint. Today, its industrial batteries are available in Argentina, Brazil, Chile, Colombia, the Dominican Republic, Guatemala, and Mexico. The local assembly plant in Brazil stands as a testament to our commitment to the region. The company is perfectly positioned to support LATAM businesses in achieving their environmental goals, all while enhancing efficiency, cutting the total cost of ownership, and elevating performance.

Lithium Forklift Batteries Offer Greener Solution

Posted on by Keith McKinley

OneCharge is spearheading the adoption of lithium forklift batteries in Latin America (LATAM). Max Khabur, Director of Marketing at OneCharge and a Chairman of the Advanced Energy Council, representing a group of companies, comments.

While the region’s unique challenges demand a high level of flexibility in both business strategies and product offerings, the main pillars of lithium batteries’ success remain the same across various industries: sustainability, superior performance, and a reduced total cost of ownership.

In LATAM, transitioning to green energy faces a few unique hurdles. One significant challenge is the region’s tax rules, which in some countries require a substantial portion of battery production and components to be sourced locally.

This emphasis on localization is linked to another issue: the rate of electrification. Only about 45% of forklifts are electric in LATAM, compared to 70% in the USA. This lower rate of electrification can be partly attributed to the high upfront costs of electric equipment. That is why many LATAM companies are jumping straight from diesel and propane forklifts to electric-powered lift trucks with lithium batteries, bypassing the lead-acid battery-powered models of the past, which did not offer a clear path to a 20–40% reduction of the total cost of ownership of the equipment.

The high cost of capital dictates tight calculations and results in longer sales cycles. In some cases, the need to carefully budget and plan extends the sales process for up to 2–3 years.

Pablo Pino, the Product Manager at Tattersall Maquinarias S.L., confirmed the importance of localization and providing locally available support and service: “Aftersales service of the equipment is really important. The key is to be able to solve any technical issues quickly.” Pino also highlighted the importance of the logistics industry for the region. Port facilities are a big business both in Chile and throughout Latin America. Switching their industrial equipment to lithium batteries is going to bring a tangible environmental benefit.

Starting its journey in Chile in July 2019, OneCharge partnered with Tattersall to equip five Hyster lift trucks with lithium batteries for one of the main Construction Materials companies in the country. As the customer pushed for sustainability, the switch to lithium batteries enabled the business to significantly slash its CO2 emissions.

Multinational giants like Cargill, The Clorox Company, and BAT are championing the shift to lithium batteries in LATAM, mirroring their best global practices (reducing emissions and maintenance costs, getting rid of charging areas). As these corporations operate mixed fleets of forklifts designed for both European and US markets, accommodating varied connectors, battery compartment sizes, and unique engineering designs is of paramount importance. OneCharge’s adaptability in meeting these diverse requirements has been a cornerstone of its success.

Recognizing the lengthy sales cycles in the region, OneCharge has invested in a strategic long-term vision for LATAM. In a significant move, the company set up a local assembly plant in Brazil. By shipping electronics from the US and assembling the batteries locally, OneCharge not only complies with tax norms but also boosts its brand’s recognition locally.

Furthermore, in response to the unique Brazilian market expectation that forklifts come with batteries already installed, OneCharge has collaborated with industry leaders Kion and Hyster-Yale Group, ensuring market demands are met seamlessly.

Results, Return on Investment, and Future Outlook

OneCharge’s focus on LATAM is evident in its expanding footprint. Today, its industrial batteries are available in Argentina, Brazil, Chile, Colombia, the Dominican Republic, Guatemala, and Mexico. The local assembly plant in Brazil stands as a testament to our commitment to the region. The company is perfectly positioned to support LATAM businesses in achieving their environmental goals, all while enhancing efficiency, cutting the total cost of ownership, and elevating performance.

Freight Firm’s Real Time Vehicle Tracking

Posted on by David Priestman

Stuart Crowder (pictured), managing director of leading non-vessel operating common carrier (NVOCC) Mannson Freight, says a new feature on its customer portal, ‘MFS Pro’, allows UK customers to track their import deliveries in real time, providing them with full visibility of their shipments, from Felixstowe warehouse to final destination in the UK.

The new feature allows forwarders that contract with Mannson Freight to view live tracking information for each shipment on the day of delivery, as well as an estimated time for delivery, on the customer’s shipment details page, which is updated in real time.

Customers can view the location of the shipment and vehicle on a map via an individual tracking link; and following delivery, an electronic POD will also be made available in the documents section.

Real Time Vehicle Tracking

Crowder says that this helps to differentiate Mannson Freight’s services from those of its competitors, and explains that the latter’s tracking systems typically show a goods out for delivery date, but not live tracking of the vehicle making the domestic UK delivery.

“This is part of a programme of continual investment in our support systems, giving customers total visibility of their cargo while under our management,” he stated. “We are also adding to our portfolio of global import and export consolidation (LCL) services to/from many locations globally, as well as value-added services such as air freight, full container import and export (FCL), customs clearance, warehousing and European road transport. In the summer, we launched a fortnightly service for hazardous cargo shipments to the UK from Shanghai, for example.”

MFS Pro is Mannson Freight’s bespoke customer portal. The portal has many features allowing LCL customers to manage their shipments from quotation stage, to booking, all the way through to delivery. The portal offers customers 24/7 access to documentation and the opportunity to access quotes and make bookings at any time, from any place.

Freight Firm’s Real Time Vehicle Tracking

Posted on by David Priestman

Stuart Crowder (pictured), managing director of leading non-vessel operating common carrier (NVOCC) Mannson Freight, says a new feature on its customer portal, ‘MFS Pro’, allows UK customers to track their import deliveries in real time, providing them with full visibility of their shipments, from Felixstowe warehouse to final destination in the UK.

The new feature allows forwarders that contract with Mannson Freight to view live tracking information for each shipment on the day of delivery, as well as an estimated time for delivery, on the customer’s shipment details page, which is updated in real time.

Customers can view the location of the shipment and vehicle on a map via an individual tracking link; and following delivery, an electronic POD will also be made available in the documents section.

Real Time Vehicle Tracking

Crowder says that this helps to differentiate Mannson Freight’s services from those of its competitors, and explains that the latter’s tracking systems typically show a goods out for delivery date, but not live tracking of the vehicle making the domestic UK delivery.

“This is part of a programme of continual investment in our support systems, giving customers total visibility of their cargo while under our management,” he stated. “We are also adding to our portfolio of global import and export consolidation (LCL) services to/from many locations globally, as well as value-added services such as air freight, full container import and export (FCL), customs clearance, warehousing and European road transport. In the summer, we launched a fortnightly service for hazardous cargo shipments to the UK from Shanghai, for example.”

MFS Pro is Mannson Freight’s bespoke customer portal. The portal has many features allowing LCL customers to manage their shipments from quotation stage, to booking, all the way through to delivery. The portal offers customers 24/7 access to documentation and the opportunity to access quotes and make bookings at any time, from any place.

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