UPS Capital Insurance Agency, Inc a subsidiary of UPS (NYSE:UPS),announced today that it will make additional shipping insurancecoverage options available to small and mid-size companies usingAscendTMS, a product of InMotion Global.
This enhancement to the already popular shipping platform willprovide shipping protection to AscendTMS® users allowing them totailor coverage based on their needs.
"We are offering a better option – a true insurance solution tocover the full value of goods,” said Mark Robinson, president ofUPS Capital. “Our goal in working with AscendTMS is to providebusinesses a frictionless, digital way to protect their shipmentsagainst loss and damage.”
This customized approach is achieved by giving users fourdifferent options based on their preferred deductible. The optionsmimic “gap coverage” where the user tailors coverage so they onlybuy what they need. In return, they get a best-in-class claimsexperience that has been highly rated in customer reviews.
Benefits include:
Coverage that pays on the occurrence of a loss regardless ofcarrier fault
Limits and coverages tailored for SMBs
A best-in-class claims settlement process, highly rated by otherSMBs
The typical AscendTMS user is booking large loads, with a bigpercentage of transactions moving via full truck load at highertotal values. Until now the only option was to purchase excessliability from the carrier, which can often be more expensive, orfrom their insurance agent which can take time.
“We have given customers multiple options depending on their riskappetite and the coverage they desire or need,” said Tim Higham,president and CEO of InMotion Global. “If the carrier has providedthem with $100,000 of coverage and they need more, we can now offeroptions to fill the gap if the load is valued higher.”
The transportation management system (TMS) market is expected togrow 4 times larger than the current size, reaching $4.9B in salesby 2025.1 “With the exponential growth in these platforms as wellas ecommerce platforms, UPS Capital is looking to meet shipperswhere they transact,” said Robinson.
This integrated solution enables SMBs to digitally procureinsurance on a shipment-by-shipment basis with a few key strokes,paying only for what they need. Users can then provide a betterpost-sales experience knowing they are dealing with a trueinsurance partner that focuses on paying claims.
The AcsendTMS customer can obtain a quote, review the terms andconditions of coverage and get coverage confirmation through theTMS software--all in a matter of minutes.
To learn more about this solution and the importance ofin-transit shipment insurance, join AscendTMS and UPS Capitalexperts for a free webinar on December 2, 2020, at 2 p.m. ET. Toregister, go to http://bit.ly/AscendTMS-UPSC-Register
