The industry, a vital link in the world’s supply of manufactured goods, is suffering what could well turn out to be the deepest and longest downturn in its 60-year history. Financial Times May 19, 2016
Container vessel capacity has been steadily increasing in the recent years and along with it, its risk exposures. As such, cost saving areas in the non-core functions of the business case for ocean transport present an opportunity for cost reductions.
Currently, in the event of an incident at sea which leads to damage to containerised cargo, diverse claimants scattered across the world would lodge unstructured claims against a carrier. In an attempt to reduce the administrative costs involved in the “bank office” function of claims handling, some major shipping lines opted to outsource their claims functions to more cost effective locations like India.
This business process outsourcing is not without its challenges. As such, we have revisited the current claims handling process and have identified time and effort activities which can be optimised to securely enhance the entire claims process from first notification of loss to claim settlement and payment.
(Claims recovery Platform), our digital ecosystem platform leverages blockchain, smart API and predictive analytics to intelligently connect shipping lines to its customers with the aim of significantly reducing claims life cycle, enhance claims processes and reduce claims administration costs. Successfully implementing this process would lead to increased customer experience and loyalty.
This presentation will demonstrate how to reduce containerised cargo damage claims from many months to a few clicks.
CroP ensures all First Notification of Loss are identical ensuring uniformity and quicker assignment
Automatic claims benchmark to ensure least time in spent on low value claims to derive maximum operational output.
Instead of studying a case file to determine who is the suitable claim handler, ClaimTriager does an automatic sorting based on predetermined rules.
CroP’s AI assisted negotiation tool, facilitates quick claims negotiation by studying claims history and making predictions.