UPS Capital Insurance Agency, Inc. Expands Shipment Insurance Options for Logistics Businesses through AscendTMS Software
November 30 2020 - 9:00AM
UPS Capital Insurance Agency, Inc., a subsidiary of UPS (NYSE:UPS),
announced today that it will make additional shipping insurance
coverage options available to small and mid-size companies using
AscendTMS, a product of InMotion Global.
This enhancement to the already popular shipping
platform will provide shipping protection to AscendTMS® users
allowing them to tailor coverage based on their needs.
"We are offering a better option – a true
insurance solution to cover the full value of goods,” said Mark
Robinson, president of UPS Capital. “Our goal in working with
AscendTMS is to provide businesses a frictionless, digital way to
protect their shipments against loss and damage.”
This customized approach is achieved by giving
users four different options based on their preferred deductible.
The options mimic “gap coverage” where the user tailors coverage so
they only buy what they need. In return, they get a best-in-class
claims experience that has been highly rated in customer
reviews.
Benefits include:
- Coverage that pays on the occurrence of a loss regardless of
carrier fault
- Limits and coverages tailored for SMBs
- A best-in-class claims settlement process, highly rated by
other SMBs
The typical AscendTMS user is booking large
loads, with a big percentage of transactions moving via full truck
load at higher total values. Until now the only option was to
purchase excess liability from the carrier, which can often be more
expensive, or from their insurance agent which can take time.
“We have given customers multiple options
depending on their risk appetite and the coverage they desire or
need,” said Tim Higham, president and CEO of InMotion Global. “If
the carrier has provided them with $100,000 of coverage and they
need more, we can now offer options to fill the gap if the load is
valued higher.”
The transportation management system (TMS)
market is expected to grow 4 times larger than the current size,
reaching $4.9B in sales by 2025.1 “With the exponential growth in
these platforms as well as ecommerce platforms, UPS Capital is
looking to meet shippers where they transact,” said
Robinson.
This integrated solution enables SMBs to
digitally procure insurance on a shipment-by-shipment basis with a
few key strokes, paying only for what they need. Users can then
provide a better post-sales experience knowing they are dealing
with a true insurance partner that focuses on paying claims.
The AcsendTMS customer can obtain a quote,
review the terms and conditions of coverage and get coverage
confirmation through the TMS software--all in a matter of
minutes.
To learn more about this solution and the
importance of in-transit shipment insurance, join AscendTMS and UPS
Capital experts for a free webinar on December 2, 2020, at 2 p.m.
ET. To register, go to
http://bit.ly/AscendTMS-UPSC-Register.
About UPS Capital
Nobody understands transportation and logistics
like UPS. And while you’ve probably never thought of a UPS company
for financing and insurance services, the global supply chain
expertise of UPS Capital uniquely positions us to help protect
companies from risk and leverage cash in their supply chains. UPS
Capital and its affiliates have offices throughout the United
States, as well as operations in Asia, Europe and Latin America.
For more information, visit https://upscapital.com.
About InMotion Global
InMotion Global, Inc. provides the free,
award-winning, patent‐pending Transportation Management System,
AscendTMS®, to freight shippers, freight brokers, and trucking
companies. AscendTMS® is used by thousands of companies in 19
countries, from small single-person logistics operations to
multi-billion-dollar international corporations and can manage any
logistics operation. AscendTMS® is the world’s leading cloud-based
TMS software, and ranked as the number one TMS software by Crowd
Reviews, Capterra, and Software Advice (a Gartner company).
InMotion Global, Inc. is headquartered in Brandon, Florida. Learn
more at www.TheFreeTMS.com or
at www.InMotionGlobal.com.
Insurance coverage is underwritten by an
authorized insurance company and issued through licensed insurance
producers affiliated with UPS Capital Insurance Agency, Inc., and
other affiliated insurance agencies. UPS Capital Insurance
Agency, Inc. and its licensed affiliates are wholly owned
subsidiaries of UPS Capital Corporation. The insurance
company, UPS Capital Insurance Agency, Inc. and its licensed
affiliates reserve the right to change or cancel the program at any
time. The insurance coverage is governed by the terms, conditions,
limitations and exclusions set forth in the applicable insurance
policy. Coverage is not available in all jurisdictions.
1
https://blog.intekfreight-logistics.com/tms-market-size-and-growth-expectations
Kristin DeBates
404-828-4032
kdebates@ups.com
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