thryve automates the declaration of insured shipments
thryve – supplier of cloud-based insurance systems-has recently completed an automation project for the declaration of insured shipments of clearing and forwarding agents. This is done using their bespoke web-based, insurance administration system for corporate brokers, thryve Online.
Why do insured shipments have to be declared?
At the end of the month, companies are obliged to declare the value of the goods they have shipped to their marine insurers. Traditionally this declaration is in the form of a spreadsheet that lists the details for each insured shipment. This document – which is generated on a monthly basis – is sent to the insurance broker who would then compile an invoice for insurance premiums that is addressed to the specific company.
The main problem for insurance companies and brokers with the traditional insured shipment declaration is that it is very difficult to consolidate the information contained therein across all of their clients in a way that makes the data useful for analysis purposes.
How has thryve automated these insurance declarations?
“We’ve spent a lot of time analysing the information requirements of the broker and the insurer and have introduced into our thryve Online system a shipment declaration capability,” says Albie Janse van Rensburg, Software Development Manager at thryve. “This capability allows the broker’s client to input their shipment declarations directly into the system, whether this be through manual capture, or through the automatic submission of standardised spreadsheets or other data formats. These declarations are then verified and checked against policy limits and premium invoices are automatically generated based on the premium calculated for each shipment declared.”
thryve has come up with a generic format for declarations that is being introduced to brokers’ clients. The main benefit of this is that the insurance broker – with the data that is automatically captured from the shipments – is able to consolidate the data across all clients and will be able to provide the required data to insurers to meet their Solvency Asset Management reporting requirements. “Better reporting makes for better analysis, which leads to improvements in services and cost-savings across the board,” concludes Janse Van Rensburg.
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