TRACinSURED Launches: Parametric Cargo Insurance Based on Real-Time Sensor Data
Solent Freight Services, Tag-N-Trac, and Otonomi have launched TRACinSURED, a new parametric cargo insurance program designed for perishable goods. The initiative leverages real-time sensor data to automatically verify covered events such as temperature deviations or shipment delays, enabling faster claim settlements without the need for post-event evidence gathering. Traditional cargo claims often take weeks due to disputes and lack of shared records among stakeholders. TRACinSURED aims to streamline this process by using AI-powered IoT devices from Tag-N-Trac, Solent's air freight network, and Otonomi’s parametric insurance platform underwritten by A-rated securities. This integration allows for immediate claim verification based on sensor data. The program is expected to reduce claims administration costs significantly while improving transparency in the supply chain. By eliminating manual negotiations and delays, TRACinSURED offers a more efficient solution tailored specifically for perishable cargo.
Topics: freight logistics insurance parametric insurance perishable cargo real-time monitoring