Cass Information Systems Inc. (NASDAQ: CASS) recently launched Cass FreightClaim360, a freight claims management application for carriers and logistical service providers.
Cass FreightClaim360 is a cloud-based software that focuses on helping carriers automate each step of a claim’s life cycle while gaining extensive visibility into the details of each claim.
Jeff Carlson, Cass’ global vice president of sales and marketing, said the platform enables a carrier to log an incident as a starting point, which allows the carrier to start tracking and understanding what’s going on.
“From there, once it really gets into a little more detail, there’s a lot of information that gets shared,” Carlson told FreightWaves. “Once that claim gets submitted, then there can also be alerts that then go out to other people, like a terminal manager that may have had that shipment right there.”
St. Louis-based Cass Information Systems is a leading provider of integrated information and payment management solutions.
Annual claims for lost, stolen or damaged cargo are estimated at more than $1 billion each year, which can prove extremely costly.
“Kind of a rough average that we were sort of seeing was up to about 1% of all shipments result in some sort of claims,” Carlson said. “It was very clear whether you talk to a shipper or a carrier that many companies’ freight claims process is a very manual, very onerous kind of situation where, typically, it’s a series of spreadsheets or emails sent back and forth with pictures and everything, nothing that seemed to really kind of scream out efficiency.”
Cass has been leveraging its claims application for shippers — MercuryMyEZClaim — since 2012. MercuryMyEZClaim and FreightClaim360 can interface for streamlined communications between shippers and carriers, according to the company.
TranSolutions LLC, a subsidiary of MercuryGate Inc., one of the leading providers of specialized cloud-based freight claims software for both shippers and carriers, developed and supports Cass FreightClaim360.
For carriers, Cass FreightClaim360 facilitates real-time visibility, gathers data, then provides a series of standard reports and insight on the data.
“Number one value for carriers is the efficiency of processing for that individual client,” Carlson said. “Number two, I think where the real value is going to be found for a lot of the carriers is when they start to accumulate this data.
“Carriers can use the data to see if there is an issue in certain lanes by certain drivers, where perhaps items are getting lots of damage.”
“It could be it’s really by just poor loading, say, for instance, and the data is really going let them understand at a high level,” Carlson said. “I think at the end, it is going be the data that is going to be the big flow.”
Carlson also said Cass FreightClaim360 can work for carriers of all sizes.
“I could see a carrier that has a couple hundred claims a year, it would be great — on up to carriers that have 1,000 or more claims per month,” he said.
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