Freight claims have always been a pain point for businesses. The arduous process to submit documents, and the hoping and waiting for them to get approved and then finally paid has created significant dissatisfaction among shippers. But UPS Capital Insurance Agency, Inc. (UPS Capital) has been making inroads to turn the experience on its ear, supplying an online portal for submission, with payment of most claims in four days or less.
With the pandemic, the ability to manage business activity digitally became a priority. UPS Capital understood that online solutions were no longer serving as just a company’s competitive advantage. Instead, it knew that digital solutions would ensure a company’s survival in “the new normal.” These capabilities allow businesses to meet customers wherever they are and on any device.
UPS Capital customers are able to go to an online portal 24/7 and submit claims for themselves, which cuts out endless emails, faxes and telephone calls. The customer also gains assurance from the complete visibility of claim and payment status and the seamless filing offered through the self-serve process. Plus, 99% of eligible claims are paid, UPS Capital said.
“In the event something happens, you are reimbursed up to the invoice value of your goods, plus freight costs,” said Mark Robinson, president of UPS Capital. “Even better, there is no need to prove fault or liability on the part of the carrier. Coverage is provided from the time your goods take off, to the time they reach their destination.”
With volatile markets, the stakes are higher than ever to keep strong relationships between the carrier, shipper and end-consumer. The ease with which shippers can file a claim with UPS Capital helps ensure those relationships remain strong.
One shipper, Zenith Aviation, a supplier of aviation parts and components, uses UPS Capital’s multimodal, multicarrier coverage, and discovered a faster, easier claims solution.
“Too often, if something went wrong with a shipment, filing a claim and actually getting paid was a nightmare,” said Angela Shawaryn, president of Zenith Aviation. “The process took hours, which resulted in our employees having less time to assist our customers. So, we set out to solve the problem. We’ve found a smarter, easier way to mitigate risk in our supply chain through UPS Capital.”
COVID-19 added tremendous pressure to the entire supply chain, and contributed to growth in online sales. Vulnerabilities were exposed, like longer delivery times, gaps in transport and package theft. Online sales increased 50% in April, according to Adobe Analytics. With this shift in consumer behavior, many companies are following suit and pursuing greater amounts of business-to-consumer (B2C) e-commerce.
“As a result of the significant increase of e-commerce to residential locations, there are increased risks such as porch piracy,” the theft of packages from residential porches, said Robinson. “UPS Capital is adjusting coverage to protect our customers from these kinds of losses proactively and now extends coverage to the mysterious disappearance of shipments post-delivery.”
Insurance is a critical aspect to any business’s risk management strategy. As such, UPS Capital has made it easy to access coverage through a variety of options, including online purchase of single-shipment coverage through its website, and direct API integrations and whole turnover policies for shippers. In addition, UPS Capital integrates with partners, like AscendTMS, enabling coverage for shipments processed through the SaaS application, which allows access to a broader group of businesses.
Having a quick and reliable claims process takes exorbitant pressure off companies and helps keep end-consumers happy, so they return again and again. For more information on how to protect your bottom line, visit UPSCapital.com.