UPS Capital Suite Of Shipping Insurance APIs Helps Smaller Businesses Access Coverage Through TMS Software
Friday, April 12th, 2019
UPS Capital, a subsidiary of UPS, announced the integration of its suite of shipping insurance APIs into AscendTMS, helping provide access to transactional insurance coverage for small and mid-size shippers.
“Our goal is to provide businesses a frictionless, digital experience for obtaining protection against loss and damage to their shipments and filing claims,” said Mark Robinson, president of UPS Capital. “Investments in our technology suite and collaboration with top technology providers, such as AscendTMS, enable us to deliver this experience.”
While the vast majority of shipments move without issue, a recent study commissioned by UPS Capital revealed that 92% of shippers experience some type of loss, damage or delay each year1. Offering transactional shipment insurance across a variety of transportation modes can help mitigate the financial risks of day-to-day supply chain incidents.
Suite of APIs
The UPS Capital suite of 6 APIs support transactional quoting, coverage confirmation, invoicing and claims settlement. The suite includes:
Request coverage – the shipper can request all-risk insurance coverage via an internal system or a customer-facing interface
Obtain a quote – the quote returns the fees, terms and conditions of coverage
Coverage confirmation – the shipper confirms acceptance of the insurance coverage
Invoice – an invoice is generated for coverage requested during the applicable service period
Claims submission – the shipper files claims through the integrated platform
Claims settlement – UPS Capital processes the claim and provides payment for the loss
“Our TMS users tell us they want to buy their financial services, like cargo insurance, as they need them, and at a competitive price,” said Tim Higham, president and CEO of InMotion Global. “They don’t want to buy annual blanket coverages or services they may never need. Ideally, they want to buy services for both their less-than-truckload and truckload shipments as they need them and to get real-time delivery of those services via their TMS. That’s exactly what this collaboration delivers.”
“The future success of supply chain financial services will be increasingly won or lost by how they are delivered to the end user. Integrating access to loss and damage protection in the natural workflow of the freight transaction simplifies the process and removes the manual nature of obtaining coverage for many today,” said Robinson. “The integration of our APIs with AscendTMS allows for instantaneous, on-demand delivery and the inherent efficiencies of their cloud-based delivery channel enables access to comprehensive insurance coverage for a multitude of smaller businesses that may not have the latest and most efficient technology solutions.”