Part 3: Insurance innovation opportunities
On the move:
Rethinking transportation
and logistics supply chains
On the move: Rethinking transportation and logistics supply chains
02Contents
Introduction and key findings 03
Supply chain insurance awareness and product innovation opportunities
in the transportation and logistics industry
06
Current state of the market for transportation and logistics 09
Where do transportation and logistics companies indicate they would like support? 11
Existing solutions that keep transportation and logistics company supply chains
on the move 14
Data standards and industry engagement opportunities 35
Conclusions
37
References
41
Key:
Client quotes
Insurance case studies
Acceleration opportunity with industry partners
General sector insights
Introduction and key findings
Introduction
and key findings
On the move: Rethinking transportation and logistics supply chains
04Introduction and key findings
On the move: Rethinking transportation and logistics supply chains
Introduction and key findings
In March 2023, Lloyd’s and WTW published a joint report “Loose
connections: rethinking semiconductor supply chains”, the second
in a series of three reports exploring supply chain risk. The report
examined the semiconductor sector’s risk challenges and aimed
to spark product innovation through outlining the opportunities to
develop new supply chain solutions. Our final report in the series
explores the transportation and logistics industry and its response
to supply chain risks as the key mover of the world's goods.
As highlighted in section two of this report, the research shows
that while there is a range of risk maturity, all transportation
and logistics companies take risk very seriously given the
impacts of disruption on their ability to keep goods on the
move. There is also clear understanding of forward-looking
trends and growing complexity as companies acquire dierent
modes to gain greater control over delivery and in turn inherit
their risk landscape and regulatory responsibilities. There were
varying levels of understanding of supplier resilience, ranging
from high level information only to progressive part sharing
warehouses with competitors to pool resources.
The third and final part of this report, ‘Insurance innovation
opportunities’, aims to provide the insurance industry with
a greater understanding of customer needs, protection gaps
and potential insurance solutions for transportation and
logistics supply chain risks.
− Over 120 transportation and logistics business have
been surveyed and interviewed for their insights
− The insurance industry has an opportunity to deepen its
long partnership with an industry proactively challenging
its supply chain risks to enable global resilience
Building on the findings of our first two reports, we see
significant scope for increased collaboration between the
transportation and logistics industry and their insurers to
consider product development. Importantly, many insurance
solutions already exist that transportation and logistics
companies are currently unaware of, highlighting a clear
opportunity to better communicate the existing supply chain
insurance proposition to customers. There are also several
areas highlighted by transportation and logistics businesses
that represent opportunities for insurers to innovate and grow
alongside their clients. This part of the report focuses on
exploring these innovation opportunities.
On the move: Rethinking transportation and logistics supply chains
05Introduction and key findings
Key findings include:
− The transportation and logistics industry deal with supply chain risks every day. There was a range
of risk maturity seen across the companies we spoke with – some very advanced in their journeys and
others knowing they need to catch up. Interestingly the majority of conversations started with “I’m not
an expert on supply chain” and yet these same companies demonstrated deep understanding of their
risks. Companies are increasingly realising that supply chains create a competitive advantage and
shouldn’t be seen as simply opportunities to reduce costs. There is also recognition they can always
do more, and transportation and logistics businesses are interested in exploring where they can work
with insurers – both on products and risk management
− There is room for expert, data driven dialogue between the transportation and logistics industry’s
technical stakeholders and the insurance market to ensure more eective knowledge transfer that can
support innovation and transportation and logistics companies’ desires to purchase solutions that better
meet their needs. Importantly, solutions already exist for supply risks that transportation and logistics
companies were not aware o, but also clear gaps where insurers could look to innovate
− Enhancing supply chain data is the biggest opportunity for progress and risk and insurance related
innovation, with more information available than ever before to build a view on supply chains, model
scenarios, and consider building new insurance solutions. This is where partnerships with third party
providers responding to operational eciencies and market tools and services, such as risk management
and supply chain diagnostic tools, can support translation and transmission – therefore accelerating the
opportunities for insurers to innovate. Section 3 of this report series also outlines areas where new data
is being surfaced and created by industry associations and regulators, where standards are being shaped,
and examples of where governments are investing in transportation infrastructure to support national and
global resilience
Supply chain insurance awareness and product innovation opportunities
in the transportation and logistics industry
Supply chain insurance
awareness and product
innovation opportunities
in the transportation
and logistics industry
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 07
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation
opportunities in the transportation and logistics industry
The global logistics insurance market alone is predicted to hit
$70.5bn by 2030, expanding at a compound annual growth rate
of 2.8% between 2023 and 2030
1
. To move forwards in supporting
the transportation and logistics industry in transferring their risks,
it is important to understand the current state of supply chain
insurance for the industry and the challenges that have prevented
further progress (see Box 1).
Across our interviews with transportation and logistics
companies there was a range of knowledge of the
insurance covers available for industry supply chain
specific risks – with some companies very familiar with
insurance solutions that would meet their needs and
others describing perceived ‘gaps’ where solutions
already exist. This has been a common feature across
the topic of supply chain – it means dierent things to
every company, and there is a need for all insurers and
brokers to reopen conversations specifically on supply
chain risks.
All transportation and logistics companies agreed that
insurance had an important role to play in helping the
sector respond to and manage their risks. In the WTW
Global Supply Chain Survey, 92% of transportation
and logistics companies said that insurance for supply
chain risks was either mission critical or necessary,
and 60% shared they felt supply chain risks were
covered by specific supply chain insurance. However,
this figure was only 17% for business interruption (BI)
insurance with 57% sharing they felt they had no
specific BI insurance but the risks were covered by
other insurance. As well as building greater awareness
of solutions there is a clear need for insurers and
insureds to clarify what is and isn’t covered for supply
chain risks, losses and consequences. This is where
business interruption reviews and specific supply
chain risk assessments will be key cornerstones
to establishing clarity.
This is critical, as in the next 3-5 years, 77% said
a lack of insurance solutions was among the greatest
challenges to addressing their risks and represents a
clear signal to the insurance industry that they are a
willing industry looking to explore new solutions to
meet future challenges with risk transfer.
What level of priority does your organisation
give to insurance for supply chain risks?
Mission critical; it's must-have cover 49%
Some cover is necessary 43%
Cover is good to have, but not essential 5%
Would not buy specific cover 3%
Figure 1: WTW Global Supply Chain Survey 2023 –
transportation and logistics companies
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 08
Transportation and logistics insurance approach
Covered by specific insurance No specific insurance.
Risk covered by other insurance
No specific insurance.
Not sure if covered by
other insurance
No specific insurance.
Risk not covered by
other insurance
Not applicable
Supply chain Cyber Directors and
ocers
Environmental Public liability Reputation Errors and
omissions
Terrorism Business
interruption
0%
20%
40%
60%
80%
60%
35%
5%
53%
36%
11%
51%
36%
10%
3%
40%
39%
19%
1%
3%
1%
2%
2%
1%
1%
39%
30%
26%
30%
47%
22%
1%
22%
46%
23%
4%
17%
12%
64%
6%
4%
17%
57%
21%
What are the three greatest challenges to addressing your risks over the next 3 to 5 years?
0% 30% 70%40% 80% 90%20% 60%10% 50%
Lack of access to insurance
and risk transfer solutions
77%
Lack of data, knowledge and
understanding of these risks
Lack of internal risk management
tools and insight
77%
58%
Lack of budget
52%
Lack of board buy-in
36%
Source: WTW Global Supply Chain Survey 2023, transportation and logistics companies
2
The transportation and logistics industry are very aware of their supply chain risks and deal with them on an
ongoing operational basis. While risk maturity varied at the more strategic level, every company is working on
multiple solutions to track, monitor, and surface additional data that will allow them to respond to delays and
interruptions. There is a strong interest in working with insurers, with one company commenting:
"We don’t want the $200m dollar limit, we want their knowledge and risk understanding."
For many companies, the knowledge insurers hold on risk-based thinking is as valuable as the risk transfer solution.
Current state of the market for
transportation and logistics
On the move: Rethinking transportation and logistics supply chains On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 10Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 09
Current state of the market for transportation and logistics
Box 1: Current state of the supply chain insurance for the transportation and logistics industry
Several products exist in the global insurance market aording some cover for supply chain risks,
including business interruption (BI), with suppliers’ extensions typically included by endorsement to
provide contingent business interruption (CBI) cover, and extending to other policies such as political
violence, marine cargo (including Stock Throughput), or cyber can also be purchased to address specific
supply chain risks. Within the food and drink industry report it was suggested supply chain risks could
be covered under an end-to-end policy given greater sharing of information, and in comparison, the
transportation and logistics industry is even broader.
Transportation and logistics supply chains revolve around key routes and large aggregations in the case
of large containerships and ports, so insurers are mindful of accumulations and their risk appetites when
considering supply chain cover for these key suppliers. In the marine industry alone the combined value
of the global merchant fleet increased 26% to $1.2trn in 2021, while the average value of container
shipments has also been rising with more high-value goods such as electronics and pharmaceuticals.
It is not unusual to see one container valued at $50m or more for high-value pharmaceuticals
3
. The supply
chain goes beyond Tier 2 and 3 suppliers which are not always fully known to those in the process but
an area where insurers are exposed and where more focus is required to enable insurers to underwrite
and provide the policy coverage required where exclusions (such as the exclusions in respect of delay)
are limited and at a premium that remains aordable – margins within the supply chain are limited.
Looking forwards, the threat of global sanctions, ESG, inflationary costs, reputational risks and continued
supply chain disruptions are all key considerations for insurers. As a result unspecified suppliers limits
have been slowly reducing, and currently normal levels are typically around about £5m. Any supplier
limit in excess of that would require a bespoke conversation between insurer and insured; however,
many markets are prepared to provide limits, with this decision typically driven by robust business
resilience arrangements. Insurers are keen to understand how the clients’ business actually works,
what plans are in place to protect it, and how they can support (and ultimately reduce their exposure)
with risk management, broker intervention, or insurance products.
Some insurers are now looking to survey key suppliers in order to maintain a level of cover previously
provided, with the demand for information around primary and secondary suppliers intensifying as a
result of significant losses. When conducting BI reviews, increasing scrutiny is being placed on supply
chain resilience with particular attention paid to extending indemnity periods. Where insurers want
to see Construction Occupancy Protection Exposure (COPE) information and this results in additional
requirements (i.e. fire detection, sprinkler systems) the company is not always able to meet demands
due to landlord and/or CAPEX restrictions. Companies must work with their broker and insurer to agree
other methods (warehouse location, layout, activities) that could reduce risk to ensure coverage.
A partnership between insurers and brokers and their mutual clients can facilitate clear information
sharing. This can provide a greater understanding of the clients business and needs and can help
to ensure values are declared and replacement costs calculated, with added costs accounted for,
like labour, property costs) and inflation to provide an insurance solution that the client needs at a
competitive and sustainable premium. Additionally, the availability of new locations and/or replacement
machinery/ equipment lead in times must be considered. All parties need a common understanding of
risk, exposure and coverage needs.
Barriers and opportunities
This research identifies several key barriers to solve that could help to address current protection
gaps in transportation and logistics supply chains:
− There is a diverse range of supply chain risk maturity across the transport and logistics industry,
with leaders taking a more strategic approach while others focus on operational aspects. However,
all companies are working on digitalisation of their operations and have a strong desire to do more
to manage their risks. Insurers are seen as key sources of information and transportation and logistics
companies would like to work with them – in turn they hold a wealth of insights that can support
risk understanding
− Awareness of insurance solutions varied across the industry, with many companies describing supply
chain gaps where products already exist. Having an insurance-based conversation on supply chain
as part of our interviews allowed new areas of interest to surface and this represents a key opportunity
− Following on this theme, awareness of Alternative Risk Transfer (ART) solutions ranges across the
industry transportation modes. They are still relatively new to the market and depend on several data
factors which can be dicult to articulate or quantify. In addition, where ART solutions are structured,
the cost may be prohibitive for customers with one airline highlighting a lack of perceived value for the
expense. However, gaps were described where solutions are being structured and could be
supported by various industry data gathering initiatives
− Similar to the semiconductor industry, the transportation and logistics companies we spoke with feel
that an end-to-end supply chain solution doesn’t exist or is seen as too dicult to procure – although
they also highlighted the value of other standard insurance coverage they purchase. At the same time,
risk mature transportation and logistics companies mirrored semiconductor company commentary
around a lack of understanding of the extensive supply chain risk management practices undertaken
by businesses in the sector and felt that insurers have been slow to the needs of the sector and its
robust management
− In many instances, insurance solutions are already available but not fully understood or valued by
customers. Building on this, when asked to provide the type of coverage, gap fillers or extensions
that transportation and logistics companies typically seek, insurers often ask for significant volumes
of information to enable a full consideration of their risk appetite and availability of capacity. As seen
across the other industries explored in this series, a factor behind this appears to stem from legacy
concerns around historic supply chain losses. A thorough assessment of existing pre-conceptions
is therefore important to enable progress around supply chain insurance
To help ensure they are able to receive the cover they are seeking, companies should work with their
insurers to understand their business and associated risks, and any risk mitigation activities undertaken
such as business interruptions reviews, supply chain mapping beyond Tier 2, and risk consultancy. These
activities and the subsequent discussions with insurers can be fully supported by their brokers. Indeed,
there is already expectation from clients that their brokers and insurers need to work together more
closely to support mutual clients' needs and reduce doubt
when claims occur.
Where do transportation and logistics companies indicate they
would like support?
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 11
Where do transportation and logistics companies indicate
they would like support?
The transportation and logistics companies we spoke with recognise supply chain visibility and understanding
is an issue, but also want greater support from the insurance market to fill some of the gaps they see in the existing
coverage and at a premium that is sustainable. One key comment centred around the fact that insurers often break
risks down into lines of business and individual products, which can result in gaps in their coverage. This raises a
question for insurers around the way they face o to clients’ increasingly complex businesses. Digital platforms
could potentially oer an opportunity to assess a company in its totality and oer a holistic response. In the short
term, there is clear interest from businesses in the sector in risk transfer products that can meet the challenges
that stretch beyond the capacity of their own risk management, a strong desire to work with insurers on risk
management, and brokers on being the link translator between them and insurers.
There is an opportunity for the industry to develop new defined solutions and end-to-end supply chain insurance
solutions specific to the transportation and logistics industry to give businesses more confidence in navigating
the uncertain landscape. One of the more readily apparent opportunities could be an A to B Stock Throughput
solution. While Stock Throughput policies do exist, the complexity of the supply chain denies the ability of a sole
insurer to provide the A to B solution companies may require. There is deep expertise in the market that can be
used to increase knowledge and support innovation, and there is clear interest from transportation and logistics
businesses in solutions that meet their needs.
On the move: Rethinking transportation and logistics supply chains On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry12 13
Scale of innovation required for each risk
Least Most
Wording improvements, further specified cover Supply chain insurance New technology
Opportunity for insurers to produce specific wordings that
cover supply chain risks. Examples mentioned included:
− Cyber: this was also an area raised by semiconductor
companies, with an opportunity to develop specific supply
chain cyber wording relating to interdependencies and to
introduce common ransomware definitions, including menu
of coverage options. Mature companies also highlighted the
desire for a cyber coverage for their contractual liabilities
− Denial of access: opportunity to clarify wording
around access denial restrictions to reflect supply chain
considerations e.g. transport access to manage what
happens in the event of denial of access, with examples
of being able to remove PPE from a warehouse
during COVID-19
− Stock throughput: opportunity to create transport
and logistics industry wording into stock throughput
and property policies to reduce grey areas whilst
goods are in transit and storage
Transportation and logistics companies would like a mainstream, global supply chain product or A-Z journey policy. Currently
there is no single solution, although stock throughput solutions could form the foundation point to review supply chain risks
and expand coverage. Further specific areas where gaps were highlighted along the transportation chain included:
Looking forwards, detailed understanding of changing risks profiles will be needed to
understand a series of new technologies: autonomous vehicle risks, electric vehicle (EV)
charging points as a potential handoff point between stakeholders, and intellectual property
risks as more data and IP is created from digitalisation and automation. This will require
a combination of risk management and insurance.
Tier 2 and below suppliers Mode change Business interruption innovation
As with food and drink and semiconductor companies,
transportation and logistics companies highlighted existing
gaps around Tier 2 suppliers and below. There remains
unknown risks for these suppliers, with need to be assessed
and managed to provide comfort to insurers. Partnerships
with technology providers could help to solve this challenge
by bringing greater visibility to the supply chain.
Specific to transportation and logistics companies, the
potential gaps in coverage when cargo enters or exits
different modes in the supply chain were highlighted as
opportunity areas for insurance innovation. For example,
when cargo is being loaded or unloaded from trucks or
when trucks are entering or leaving facilities, and when
cargo stops in transit from warehouse to warehouse.
As digitalisation advances the ability to electronically
ringfence where accident occurs/where goods are will
grow. Greater visibility of risk across insurance policies
through e-broking solutions could also reduce grey areas.
As seen with food and drink companies, a number of transportation and logistics companies
we spoke with mentioned decisions to not pursue business interruption cover, as the source
of interruption was felt to be too remote for insurance cover and there was a high burden of
time and information required. There is a desire from customers for insurers and brokers to
work together to simplify questions and innovate product offerings, including non contingent
BI cover.
Trade disruption insurance for freight forwarders
Public private partnerships and pooling for route blockages
Within the industry, freight forwarders we spoke with raised
“there is no one trade disruption insurance policy specifically
designed for freight forwarding risks/trade”. This is a gap
insurers may want to explore alongside data partnerships
through the Lloyd's Lab and other market incubation centres.
The blockage of the Suez Canal and the need for a clearly needed predetermined plan
of action in the event of similar events in future was mentioned by many interviewed during
the research. There are already a number of successful public-private partnerships, at both
a country and regional level, seeking to improve societal resilience to climate shocks and
offering innovative mechanisms to transfer more of the peak risks to the re/insurance and
capital markets – these could serve as a model for supply chain risks.
Total cost of risk understanding to provide balance sheet protection
As heard with semiconductor companies, mature transportation and logistics companies
would welcome the opportunity to explore solutions with insurers and wider capital markets.
Having the ability to smooth balance sheet drains would be highly valued, with concerns
around business resilience mentioned if an event happened at a weak time of year. This
is where insurers and brokers can work together to support total cost of risk analysis
to help companies assess their appetite, ability to retain risk, and estimate the most
efficient use of capital to manage supply chain shock events.
The following risks faced by the business in the transportation and logistics industry are currently not fully
addressed by the insurance industry, and could represent a development opportunity for the insurance industry:
Existing solutions that keep transportation and logistics company
supply chains
on the move
On the move: Rethinking transportation and logistics supply chains On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry14 15
Existing solutions that keep transportation and logistics company
supply chains on the move
Lloyd’s has a unique position and opportunity to bring together communities, businesses, insurers and
governments to find solutions to the systemic risks that threaten our shared future. A number of solutions
already exist in the Lloyd’s market and broader insurance industry that help to meet transportation and
logistics supply chain risks.
Data-driven freight protection with Loadsure
Freight booking is increasingly digitized, post-pandemic - more than 63% of global freight is now
booked via digital workflows and yet Loadsure estimate that more than 60% of freight in transit is
under or uninsured, owing to traditional insurance processes being unable to profitably serve supply
chain SMEs. Loadsure identified a gap to leverage industry data and industry-leading tech to
seamlessly integrate insurance into everyday supply chain processes, ensuring freight - and
ultimately, balance sheet - protection.
Loadsure is a UK-based InsurTech MGA and Lloyd’s coverholder that oers data-powered, AI priced risk
management to the freight community. This is achieved by integrating Loadsure insurance intermediary
workflows (through a white-label portal) or into any transportation platform, from Transportation
Management Systems (TMS) and load boards to freight marketplaces and booking systems.
Established in 2018 by a number of industry experts in the transportation and insurance market, Loadsure
uses machine learning, historic and real-time customer data to accurately underwrite risk and deliver
dynamic pricing. A premium can be generated based on a specific shipment on a specific day for a
specific transit in under a minute, which levels the playing field in terms of access to quality cover for
organisations of all sizes – something SMEs were struggling to access.
“We used decades of industry data to build the foundations of our model. Now – as data
continues to flood in – we leverage it to inform our rating model, running real-time adjustment
to optimise accuracy and make freight insurance sustainably profitable for the first time.
High-resolution data is the key to accurately pricing any risk.”
Johnny McCord
CEO and Founder, Loadsure
Risk mitigation is at the core of Loadsure - as long as there is risk, insurance is an essential balance
sheet protector. Loadsure’s data-driven approach enables much more; bringing “holistic freight protection”
to the supply chain. Clients have access to valuable dashboards that give insights on where they are
struggling and areas to improve – enabling them to make informed business decisions that reduce the
risk of losses occurring in the first place.
Loadsure is developing its technology at rapid pace and will soon oer loss run reports, where brokers
will be able to review account performance 60 days in advance of a renewal, enter exposure data, generate
custom quotes tied to account-specific performance, and bind coverage in seconds. Loadsure will also
provide customers with direct portal access, so certificates, policy documents and claims are available.
Brokers Freight
Thames: On demand cargo insurance that supports per-shipment quotes
and is targeted at meeting the product gaps of owners, distributors of
goods, freight brokers, NVOCCs1, freight boards, manufacturers, logistics
providers, freight forwarders, and shippers
Orinoco: Shippers interest insurance with limits of up to $2m streamlines
time-consuming policies and is targeted at meeting the product gaps
of freight forwarders, NVOCCs, logistics companies, shippers and
freight boards
Danube: enables insurers to generate instant ocean cargo insurance
quotes for their small to mid-size enterprise customers, including:
manufacturers, retailers, distributors and wholesalers
Huron: is an add-on product for ocean cargo and stock throughput
insurance that oers coverages of up to $10m per locations and for
goods in transit and is targeted at meeting the product gap needs
of small to mid-size enterprise customers, including: manufacturers,
retailers, distributors and wholesalers
1
Non-Vessel Operating Common Carrier
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 16
Risk insights as a bridge across insured and
insurer from ClearConnect Solutions
Transportation company leaders are faced with a myriad of challenges, not the least of which is managing
all aspects of insurance and regulatory compliance. Scott Grandys, Co-founder and President at
ClearConnect Solutions had a long history in the transportation, freight, and final mile industries and
witnessed first-hand an inevitable lack of transparency in the transportation insurance space “when
underwriters in the U.S. have been tasked with assessing risk, the process is often lengthy, muddled,
and overtly manual in a digital world”. Through its proprietary technology, ClearTrac, Grandys aims
to give stakeholders in the transportation and insurance industries a real-time view into the risk
associated with drivers and fleets out on the road.
For fleet owners this includes risk and compliance monitoring by integrating data across: monitoring
services, telematics, and regulatory data surrounding safety management systems, inspections, crash
and fitness performance. These data points can be used to manage initial and ongoing risk mitigation
strategies. After taking part in cohort 8 in the Lloyd’s Lab, ClearConnect Solutions is continuing to build
out services to allow the transportation insurance market to recalibrate the risk scoring process – giving all
stakeholders the ability to monitor risk with quality data in real-time against the underwriting
requirements throughout the term of coverage.
In April 2023, ClearConnect Solutions announced a partnership with TruckSpy to combine its risk
management and compliance technologies with TruckSpy’s driver dash cam. Together, their solutions
will make a real impact on the safety of your fleet. Federal Motor Carrier Safety Administration estimate
the average cost of a commercial truck accident (with one person who is injured) to be $148,279
4
.
By capturing positive and negative driving events through the dash cam and sending audible safety alerts
to drivers in real-time, there are immediate risk mitigation actions and fleet owners and safety managers
are able to leverage the insights into their safety programs.
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 17
Simplifying insurance quotation with eCargo, Travelers
Travelers eTrade Cargo Insurance has been designed to meet the needs of UK domiciled groups who
trade or ship goods internationally and domestically by streamlining the quotation process. eCargo
is an evolution of Travelers traditional cargo placements designed to start conversations with a reduced
online question set, cutting back on labour-intensive paperwork, as documentation is issued at the point
of quote and immediately upon receipt of hold covered instructions.
eTrade Cargo policies can also be bespoke if needed, with clients able to tailor their cover to suit their
particular needs including facultative, annual and stock throughput risks and is targeted at meeting the
product gaps of: importers, exporters, manufacturers, retailers, wholesalers, suppliers, sporting
associations/teams, media and entertainment industries.
Stephen Smyth, managing senior underwriter at Travelers Europe estimated that “62% of requests can
be quoted directly, saving time and allowing bespoke conversations with clients where more information
is needed to evaluate and bind a risk”. This might also include conversations oering risk mitigation advice
where in one case an insured was advised in ways to package and label their complex machinery to
prevent the risk of forklifts being used in places that likely would have resulted in it tipping over.
Cover is designed for businesses who import, export, retail or wholesale goods to protect their goods
from loss or damage to a consignment during transit while being carried by land, sea or air. Coverage
includes:
− Up to £5m with a minimum level of cover of £1m per any one conveyance, providing clients
with peace of mind
− Cover for “All Risks” perils, such as fire, theft, sinking, washing overboard and road trac accident
− The following covers can also be selected if required:
− Exhibition and Demonstration Risks
− Engineers’ Tools, Stock, Equipment and Salesman Samples
− Ability to add stock throughput coverage
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 18
Building on deep industry expertise, Beazley Cargo
The global logistics market has been aected in various ways in recent years, from disruption to supply
chains to the challenge of meeting the growing consumer demands of online shopping and home delivery.
Through their marine insurance Beazley have been responding to understand and meet the numerous
challenges faced by the industry. This includes insurance, advice, risk management, underwriting and
claims expertise that the maritime industry needs as it adapts to the rapidly changing geopolitical landscape.
Examples across transportation and logistics includes:
− Ports and Terminals Liability: Protection for companies involved in the carriage, handling or storage
of cargo against legal liabilities arising out of the conduct of their business, shore-side operations for
the handling and storage of cargo up to $50m. Cover will normally include: liabilities for loss or damage
to cargo; vessel and equipment liability; removal of wreck and pollution; errors and omissions; fines
and penalties; third party liability; loss or damage to owned equipment; real property; legal and
defence costs; and business interruption
− Transport & Logistics Operator insurance: protects companies involved in the movement of cargo
against legal liabilities arising out of the conduct of their business. Cover will normally include: loss
or damage to cargo; errors and omissions, third party liabilities; fines, penalties and duty; general
average and salvage guarantees and contributions; on-forwarding costs; consequential losses;
pollution; legal costs and defence expenses; up to $20m
− Cargo insurance: general cargoes and specie from both London and Singapore, oering protection
for goods while in transit (by land, sea or air) and in store during the ordinary course of transit or
long-term storage. Coverage and losses are subject to the terms and conditions of the actual policy
up to $75m, for a wide range of general cargoes with emphasis on oil, general commodities and
general machinery
Alongside this Beazley also works with dedicated in-house marine engineers to advise and respond
to events as they unfold:
“On hearing that a client’s vessel was listing we immediately deployed our in-house marine engineers
to assist. With the support and technical guidance of our engineer the vessel was stabilised (she had
been listing heavily from a grounding and was close to being a total loss) and the cargo on board was
saved from further damage. Towage was organised whichallowed the vessel to successfully reach her
destination. With the benefit of having our engineer ‘on the ground’ for more than 16 days, Beazley’s
claims managers were able to directly understand the client’s needs, resulting in prompt payments
of funds.”
Tim Garrett
Head of Cargo & Specie
Looking forwards, moving to new technologies will undoubtedly bring significant opportunities but will
also present new risks. During the fuel transition phase and in the exposure the industry is increasingly
facing to cyber attack, the need for risk management and mitigation will become increasingly important.
Whilst the current economic and geopolitical uncertainties create pressures that need constant vigilance
and adaptability.
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 19
Responding to gaps with Chaucer CyberLink Marine Consortium
Cyber is one of the most complex and critical risks threatening national security and businesses
today. Tackling this ever-evolving threat requires continued action and collaboration. In 2018, Chaucer
collaborated with the Lloyd’s market to clarify and better cover the gap from silent cyber. In 2019,
Chaucer launched the CyberLink Marine Consortium provides marine businesses with coverage for up
to $60m for their cyber risks, including physical damage costs to their vessels caused by a cyber-attack.
The impact of cyber events on transportation and logistics companies can have knock-on consequences
along the supply chain:
“A ransomware event impacted a third party partner responsible for conveyance of goods.
The lack of basic business function led to a significant period of ‘darkness’ in terms of the
current state and whereabouts of cargo”
Alex Stubbs,
Deputy Class Underwriter, Chaucer
Alongside the policy, post-binder risk services include a cyber security risk assessment with a third-party
services company to highlight risk understanding, support resources prioritisation and investment, and
provide a view on peer benchmarking. Following a security compromise or cyber-attack, CyberLink also
responds with:
− Risk management services, to understand gaps in the cyber defences and how best to prepare
the Insured against the current cyber threats
− Physical Damage cover, to repair vessels and assets on board following a cyber-attack
− Data breach and Incident Response, providing sector specific cyber specialists, to investigate
and control the cyber-attack
− Business interruption, with coverage extending to key service providers, CyberLink provides
indemnity when a cyber event halts the business or a business dependent party
− First and Third Party Legal and Professional Services, to navigate relevant legal or regulatory
frameworks, including expenses to notify any aected or potentially aected third parties
− Social Engineering, coverage to protect the Insured when employees are targeted, leading
to unlawful access to systems and transfer of money
− Cyber Extortion cover, quick response and coverage when a ransomware event drives business
to a halt
Further coverages include; system failure, reputation management, media liabilities, PCI DSS
and digital asset restoration.
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 20
Meeting ship owner, ports and terminals needs
with WTW CyNav
CyNav is a cyber solution specifically designed by WTW cyber and marine experts to provide a tailored
cyber cover for shipowners and ports and terminals. It addresses the growing need for an explicit marine
cyber solution. This means, insureds do not need to resort to pre-existing cyber products, which may be
too generic for their specific requirements.
Shipowners are increasingly reliant on technology for all aspects of a vessel’s operation and their
shore-side activities and ports and terminals are increasingly dependent on technology across all
aspects of their operations. This dependency can leave ports and terminals exposed to financial
loss should that technology become unavailable, whether due to malfunctions, human error or
cyber-attacks.
As inter-connectivity of that technology increases, cyber security has become a concern. The data
protection and cyber security regulatory landscapes aecting shipowners are developing at pace.
The shipping industry is therefore under greater obligation to comply with regulations or suer potential
financial consequences. As the financial impact of cyber incidents continues to increase, and the ‘silent
cyber’ cover in traditional marine cover is being reduced, CyNav’s clear and armative cyber solution is
designed to plug any cyber gaps left behind.
CyNav for ship owners provides cover for:
− Loss of income due to business interruption
(including any interruption to third-party IT service providers)
− Crisis management expenses (including IT forensics, legal and PR fees)
− Hull and machinery damage
− Loss of hire due to hull and machinery damage
− Loss of hire due to vessel detainment
CyNav for Ports and Terminals provides cover for:
− Business interruption loss
− Business interruption loss due to IT supply chain vulnerabilities
− Property damage
− Crisis management expenses
− Property damage liability
− Wrongful delivery of cargo
− Regulatory actions (where insurable)
There is also interest from customers in Alternative Risk Transfer (ART) solutions, including parametric products,
which oer an opportunity to design bespoke solutions for businesses’ supply chain risks, subject to a relevant,
reliable and impartial index. In the food and drink industry report we covered Parsyl who have been innovating in
cold chain cargo policies to oer insurance alongside accessible and shareable insights across all modes of
transit and storage improves accountability with customers and partners.
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 21
Innovation cold storage with Parsyl
Parsyl is the only combined cargo insurance and supply chain monitoring solution on the market,
leveraging granular supply chain data to deliver more comprehensive insurance coverage.
In April 2023, Parsyl launched the Essential Consortium led by Parsyl Syndicate 1796
6
, the first
mission-driven syndicate created in Lloyd's 330-year history. Essential is the first cargo consortium
focused specifically on essential goods, including the foods we eat and the medicines we need.
Essential also serves as supporting capacity for the Global Health Risk Facility (GHRF), an alliance
of insurance and technology partners providing cost effective insurance coverage and risk mitigation
solutions for vaccines and global health commodities across the globe.
Parsyl’s insurance solutions include ColdCover, GHRF, Syndicate 1796 and Essential. Coverages
are designed to meet gaps across a range of cargo and supply chain coverages, including stock
throughput, transit, stock, excess stock, freight liability shipper’s interest, cargo legal liability and
warehouse legal liability.
Parsyl insures goods in foods, pharmaceuticals and life sciences industries as well as logistics
participants within the perishable supply chain. The Essential Consortium is supported by Lloyd’s
syndicates including SCOR 2015, RenaissanceRe Syndicate 1458, and other leading smart trackers
7
.
Parsyl graduated from the inaugural Lloyd’s Lab in 2018.
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 22
Designing for the gap in delays and interruptions with Otonomi
Otonomi is a specialised platform for parametric cargo insurance designed to address the limitations
and exclusions found in traditional cargo policies. Traditional policies fail to provide coverage for the
business interruptions and economic losses caused by delays in the supply chain. These delays can
be unpredictable and arise from factors like adverse weather conditions, air trac congestion, equipment
malfunctions, and labour shortages. The potential economic losses resulting from such delays can
include loss of use, decreased sales, reduced value, expenses for alternative routes, penalties, fees,
and other consequential damages. Otonomi's innovative approach aims to bridge these gaps and
provide comprehensive coverage for these specific risks.
Every year, an average of 61% of cargo flights suer shipment delays. Otonomi’s Cargo Delay Insurance
compensates shippers of any critical cargo, for delays and loss of use for any delay greater than 12
hours with limits of up to $100,000 per conveyance.
"Each time there's a shipment or a cargo delay, our blockchain infrastructure detects the delay
of shipment, communicates with a smart contract which automatically adjudicates in 45 minutes
– instead of 45 days – and processes the digital payments directly to the customer in minutes,"
Yann Barbarroux,
CEO of Otonomi
Policies are provided as an embedded insurance oering which can be administered per shipment, with
API-based infrastructure to both bind and trigger pay-out policies. Each policyholder has a digital wallet
which is used to resolve and pay-out claims quickly. Claim payments can be used to cover increased
costs of delays, loss of use, diminished value, property damage deductible, applied to underinsured
property, and cover any contractual/penalty obligations. Initially, coverage for is available for air shipments
with planned expansions into Ocean and Ground transport in the near future.
In March 2023, Otonomi announced the partnership with Greenlight Innovation Syndicate 3456 to act
as a platform provider for a Parametric Cargo Insurance Program. The programme is aimed at bridging
the $10bn gap left by global supply chain delays across sectors.
“At Otonomi, we are firming up our footprints in unchartered territories when it comes to providing a
complete overhaul of the autonomous provision of insurance, in addressing the problems of an industry
screaming for innovation. It is an amazing opportunity for the logistics customers as they are leveraging
aggressive tech and predictive analytics to recoup vital capital and protect their liability risks.”
Yann Barbarroux,
CEO, Otonomi
On the move: Rethinking transportation and logistics supply chains On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry23 24
Acceleration opportunities
As well as insurance industry acceleration
opportunities, there are technology companies
innovating with the sector in business resilience
that could serve as partnership opportunities
to fill data gaps.
Many transportation and logistics companies mitigate
supply chain risk as far as reasonably practicable,
but there will be elements of risk they cannot totally
control, e.g. will a supplier of a supplier suer a
property damage loss the aggregate eect of which
is a carrier disruption? Many transportation and
logistics companies will lease premises and vehicles
with increasing costs from the lease providers and
landlords being passed onto the transportation and
logistics companies. Most businesses do their best
to reduce this Tier 2 and deeper risk as far as possible
by identifying and qualifying secondary suppliers.
In the transport sector, contingencies could include
measures such as placing alternative carriers on call
o contracts, (either formally or by way of reciprocal
agreement), introducing additional buer stocks e.g.
fuel or simply identifying alternative routing options.
Building confidence with a transparent
supply chain picture
Access to reliable, quality data underpins underwriters’
ability to quote for a risk and has long been a barrier
for both clients and insurers. But that is changing
and action is concentrating in key areas. The WTW
Supply Chain Survey (2023) found that 81% of
transportation and logistics companies have either
identified all the data they require and have robust
processes in place to gather it or are establishing
those processes now – 11% higher than semiconductor
companies. 57% of those surveyed are developing
detailed understanding of their supplier networks
and 48% are improving relationships with suppliers
and customers to do that. When asked about where
they were investing focus in their supply chain
management, 30% said they were focusing on their
facilities infrastructure, loss control and security (30%),
freight costs (23%), and insurance risk transfer (17%).
We have created an in-house product
to track shipments for our customers
while in transit. We also work with
outside consultants/technology companies
on supply chain and compliance advice.
Global end-to-end transportation company
We've built an internal tool showing
every truck loading and unloading
in our network.
Regional trucking company
The only visibility in Tier 2 is
from the press. But we also try
build relationships from direct
communication at conferences or at
company updates.
Mode specialist, Global transportation company
Figure 2: Measures with greatest impact on managing supply chain risks
0% 30% 40%20% 60%10% 50%
Developing detailed understanding
of our supplier networks
Consolidating our supplier base
Improving data quality
and data sharing
Diversifying our supplier base
57%
32%
Developing a detailed understanding
of our supply chain
Increased oshoring
Using supply chain
mapping software
Increased onshoring
Improving relationships with
suppliers and customers
Outsourcing previously
in-house activities
Bringing previously outsourced
activities in-house
49%
26%
48%
25%
48%
23%
34%
38%
20%
Source: WTW Global Supply Chain Survey 2023, transportation and logistics companies
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 25
As digitisation advances, transportation and logistics
companies have responded to supply chain events
by investing in tools and technology methods, most
notably enterprise resource planning (ERP), electronic
data interchange (EDI), and application programming
interface (API) systems to improve operational
eciency and enhance customer relationships across
the entire value chain. These new sources of data
could be used by insurers to consider product
innovation – whether that’s designing new products,
tailoring existing oerings, or rethinking areas where
capacity has been scaled back due to lack
of information.
As data proliferation continues and these service
providers take advantage of integration through APIs,
core elements of addressing supply chain risk are
coming together to increase tracking and visibility,
support documentation and analytics, and enable
inventory tracking across the supply chain. Priority
areas where acceleration opportunities have been
identified, include:
− Supply chain management systems (SCM):
SCMs manage the flow of goods, data, disruptions
events, and finance from beginning to end. Included
in this are warehouse management systems (WMS)
that oer visibility of a business’s entire inventory
from distribution to end consumer. As third parties
continue to support transportation and logistics
companies in identifying and mapping their supply
chains, insurers and brokers can gain greater
visibility into industries and their global
interconnections
− Transportation management systems (TMS):
TMS platforms assist in the planning and execution
of the physical movement of goods. As companies
continue to build data in transportation and logistics
planning, insights can be harvested on loss history
and route resiliency, as well as identifying
vulnerability characteristics and prompting risk-
based decision making. ClearConnect Solutions
is an example of a company working between
TMS and insureds to bring risk clarity to insurers
− Real-time transportation visibility platforms
(RTTVP): RTTVPs provide visibility of orders
and shipments of commercial customers and
consumers once they have left the warehouse.
As insurers and brokers continue to invest
in integrated systems and service oerings,
partnering with RTTVPs could be used to track
live aggregations and alert-based actions as
events unfold
From an insurer perspective, supporting or incentivising
organisations to take such actions could ultimately
result in greater mitigation of risk and exposure, and
there is an opportunity to partner with transportation
and logistics companies to map supply chains through
their journeys. Third party companies like Oracle,
SAP, Blue Yonder’s Luminate Logistics, CH Robinson’s
Navisphere, project44, and Shippeo are examples
where insurers and brokers could use technology,
risk engineering expertise and insurance to help
clients identify, assess, mitigate, and transfer
supply chain risks.
On the move: Rethinking transportation and logistics supply chains On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry26 27
Transportation
Management System
(TMS)
− Freight management
− Route optimisation
− Delay tracking
Enterprise
Resource
Planning (ERP)
− Order processing
− Resource optimisation
− Financial accounting
Warehouse
Management System
(WMS)
− Picking, storage and
shipping inventory
− Eciency management
and risk visibility
S
u
p
p
l
y
C
h
a
i
n
M
a
n
a
g
e
m
e
n
t
S
y
s
t
e
m
s
(
S
C
M
)
T
r
a
c
k
i
n
g
a
n
d
V
i
s
i
b
i
l
i
t
y
(
R
T
T
V
P
)
I
n
v
e
n
t
o
r
y
t
r
a
c
k
i
n
g
Supply Chain Management
(SCM) System
− Blue Yonder's Luminate Logistics
− Oracle SCM
− SAP SCM
Transportation Management
System (TMS)
− Blue Yonder's Luminate Logistics
− CH Robinson Navisphere
− e2open TMS (see semiconductors
report)
− SAP TMS
Real-Time Transportation
Visibility Platform (RTTVP)
− Blue Yonder's Luminate Logistics
− e2open (see semiconductors report)
− FourKites (see food and drink report)
− project44
− Shippeo
Warehouse Management
System (WMS)
− Blue Yonder's Luminate Logistics
− Oracle Warehouse Management
− SAP WMS
Note: Examples in italics can be found in our previous industry reports, and are also examples relevant to transportation and logistics.
Source: Adapted from Euristiq
8
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 28
Oracle Supply Chain Management
SCM TMS WMS RTTVP
As well as semiconductor companies, Oracle
are also working with transportation and logistics
companies to respond to their supply chain
challenges. Oracle Supply Chain Management
(SCM), Transportation Management, and
Warehouse Management System (WMS) are
modular systems that span overall supply chain
planning, warehouse resource management,
transportation planning, through to the end
delivery. Most importantly these systems can
be integrated with transportation and logistics
customers and partners to create a shared view
that allows:
− Transportation management and
optimisation: route planning across multiple
modes of transportation to find the most
ecient options, including predicting transit
times with machine learning capabilities
− Logistics Network Modelling: allowing
what-if scenario modelling to optimise
the transportation network and determine
the best option considering the time and
cost impact of the proposed changes and
execute them
− New sustainability collaborations with groups
such as Global Logistics Emissions Council
(GLEC) to create a uniform template of
calculating emissions across the multimodal
transport supply chain
9
− Cross-border compliance: surfacing accurate
data and mitigating financial risk related to
custom fines, penalties, and storage fees
− Many retailers are creating a network of
smaller delivery depots—including their
own brick-and-mortar stores—to shorten
the distance between inventory and
customers’ homes. Being able to integrate
warehouse management systems into supply
chain management systems supports a more
complete view of risk
A collection of industry partnerships and acceleration opportunities:
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 29
Blue Yonder’s Luminate Logistics
SCM TMS WMS RTTVP
Blue Yonder is supporting transportation and
logistics companies through a predictive supply
chain and execution platform that can integrate:
− Supply chain modelling: through integrating
the below capabilities, Luminate Control Tower
surfaces value chain insights from the entire
digital ecosystem to predict and resolve
potential supply chain disruptions. Luminate
Control Tower was used during pandemic
lockdowns to divert critical materials for
Blue Yonder’s customers and tracking over
200 containers across 40 vessels with
$500m worth of products during the
Suez Canal blockage
10
− Warehouse management and robotics
integration: operational and real-time visibility
of supply, inventory, distribution, and customer
order fulfilment
− Transportation and logistics network
planning: managing both inbound and
outbound freight, and by integrating supplier
and carrier collaboration for capacity, pricing,
and last-mile providers, as well as resource
optimisation, movement planning and inventory
tracking. With the passing of the United States-
Mexico-Canada Agreement (USMCA) linking
the Mexican, American, and Canadian markets,
Blue Yonder partners with project44 and Forager
Group’s (now Arrive Logistics
11
) SCOUT platform
to help companies gain greater visibility into
their shipments when traveling from domestic
to international jurisdictions with the aim to
serve as a potential framework for future
cross-border shipping integrations in the
rest of the world
12
Blue Yonder accelerated its collaborations
during COVID-19, with a particular emphasis on
harmonising freight, net-zero carbon sustainability,
automation, and on-time delivery (OTD) for freight
forwarding operations. Recent cross-industry
partnerships include:
− DHL Supply Chain’s “plug and play” robotics
platform powered by Microsoft and Blue
Yonder in June 2020 to give customers greater
flexibility in selecting and integrating dierent
robot vendors into a single solution. The first
implementation at a DHL warehouse in Madrid
has already reduced robotics integration times
into existing platforms by 60%, with DHL seeing
further improvements of up to 90%
13
− Onboarding of nineteen TMS and ERP systems
onto Navisphere®, including Blue Yonder, for
increased Full Truckload (FTL) and Less than
Truckload (LTL) integration
14
− Joining the Scheduling Standards Consortium
(SSC) in May 2023, an industry-led collaboration
focused on the development and promotion of
an open API standard for scheduling in the
logistics and transportation industry
15
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 30
SAP
SCM TMS WMS RTTVP
SAP are supporting transportation and logistics
companies to manage their supply chains and
communicate with their end customers. SAP’s
cargo, transportation, and logistics solutions
are powered by SAP S/4HANA Cloud, SAP’s
primary ERP system that, amongst other oerings,
incorporates the company’s Extended Warehouse
Management, available-to-promise (ATP)
functionality for selection of alternatives and
ecient stock management
16
, and a Global
Track and Trace solution for predictive modelling
of milestones and alerts for delays and impacts
to customer shipments into one platform.
Wider capabilities include:
− Supply Chain Management (SCM): combines
digital services for supply chain planning and
logistics, manufacturing, product lifecycle
management, and enterprise asset management
− Cogniac Visual Operations Intelligence:
uses artificial intelligence (AI) to visually detect
and identify supply chain-based information.
Current use cases include reading packaging
labelling and detecting wheel defects on trains
17
− SAP Integrated Business Planning (SAP IBP)
for Supply Chain: integrates key aspects
of the planning process, combining sales and
operations, forecasting and demand, response
and supply, demand-driven replenishment,
and inventory planning
18
− SAP Business Network Supply Chain
Collaboration: allows transportation and
logistics companies to collaborate with trading
partners on a single, networked platform via
inventory visibility and automation. This allows
tracking of goods in-transit and supports
quality control inspections to achieve on-time
customer deliveries
19
− SAP Sustainability Footprint Management:
calculates the climate impact at the product,
corporate, and value chain level to meet
carbon accounting needs for Scope
1, 2, and 3 emissions
20
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 31
CH Robinson’s Navisphere
SCM TMS WMS RTTVP
CH Robinson is an end-to-end transportation
company that has been investing in their own
transportation management system (TMS)
alongside moving goods to support their
customers to increase supply chain visibility
through an online platform. Introduced in 2012,
Navisphere® allows customers to access a
network of 200,000 shippers and carriers
covering: inbound, outbound, customer pickup,
full truckload (FTL), less than truckload (LTL),
barge, parcel, and flatbed across air, sea, land,
and rail transport domains.
CH Robinson operate their own in-house
innovation team and technology incubator, CH
Robinson Labs, which partners with Microsoft
Azure and Azure IoT Central to integrate
monitoring factors such as temperature shock,
tilt, humidity, light, and pressure in shipments
to provide customers a more complete and
detailed level of intelligence of goods in transit
21
.
Capabilities include:
− Emissions IQ™ through Navisphere Insight:
a benchmarking tool which supports their
users to measure and reduce carbon output
by mode, location, and retailer
− Procure IQ®: utilises an individual company’s
shipping data to determine the most optimal
manner of purchasing transportation
− Market Rate IQ™: helps deconstruct shipping
rates against neutral market data provided by
DAT, a freight and analytics company whose
spot rate benchmark is based on $110bn in
shipment data across 68,000 shipping lanes
22
Looking forwards, CH Robinson are expanding
their services and platform to integrate future
transportation developments by partnering with
autonomous driving technology company Waymo
23
To demonstrate the practical applicability of
transporting long-haul customer freight, Waymo
Via recently conducted and completed a series
of pilot programs for Constellation Brands, an
American producer and marketer of beer, wine,
and spirits. To date, Navisphere and Waymo Via’s
partnership has helped Constellation deliver more
than 1 million pounds of freight with a 100% on-time
delivery rate and zero damage to loads
24
.
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 32
project44
SCM TMS WMS RTTVP
project44 is a platform to improve supply chain
visibility, reporting and analytics for shippers,
carriers, and 3PL (third party logistics) providers
– enabling companies to track shipments across
the global supply chain. Integrating 1,000+ APIs
across ocean, air, rail, LTL (Less Than Truckload),
volume LTL, truckload, and parcel through a
network of over 220,000 carriers spanning
170 countries, project44 provides real-time,
multimodal visibility into current shipment location,
as well as insights for accurate ETAs (Estimated
Time of Arrival) and carrier performance, which
can then be used to provide end customers and
internal stakeholders more transparency into
parts and goods
25
.
Current developments have been focused in two
key areas: expanding their partner ecosystem with
new agreements with companies such as SAP,
Blue Yonder, Oracle, Manhattan Associates,
and IBM, and engaging in a series of strategic
acquisitions of key businesses crucial to increasing
its visibility of international value chains.
These include:
− Deepening its already extensive partnership
with Oracle to extend mapping coverage to air
shipments as part of Oracle Transportation
Management (OTM) Cloud
26
. Before the
implementation of this integration, mutual
customers of Oracle and project44 would have
had to use two separate platforms, OTM and
project44’s Visibility Operations Center. This
modality integration will allow users to initialise
shipments for tracking via an API that connects
Oracle’s TMS to project44 – this information
will provide ETAs, location updates, and shipment
status on a single platform without the need for
platform redundancies
− Acquiring Ocean Insights, a solutions provider
for ocean freight intelligence. As companies
and 3PL’s have been keen to map in-transit
movements and delays of their goods,
project44’s Ocean Terminal Visibility is
designed to retrieve data on goods and
shipments while stationary at ports via
container discharges, locations in terminal,
status holds, customs clearance, and availability
for pickups, providing visibility into at least 62
terminals and 26 ports, covering 95% of US
containerized freight
27
− The ability to track over 350,000 containers
and 5,000 vessels daily due to significant
investments from the investment arm of A.P.
Moller Maersk, the parent of container shipping
company Maersk Line
28
, as well as an extended
partnership with CEVA logistics for track
and trace functionality. Coupling Automatic
Identification System (AIS) vessel tracking with
project44’s ocean and port visibility solutions,
CEVA’s customers will be able to closely
monitor shipment location, receive shipping
notifications, and be informed of carrier
transfers and dwell times
29
To consolidate processes and mitigate cargo
risk, project44 has partnered with Reliance
Partners to insure freight via a streamlined
API integration into a user’s dispatch workflow,
saving time and eliminating redundant paperwork
and costly manual processes
30
.
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 33
Shippeo
SCM TMS WMS RTTVP
Shippeo is a real-time multimodal shipment
visibility platform with tailored solutions for
shippers, carriers, and logistics providers. With
a footprint in 75 countries, Shippeo’s network
connects over 140,000 carriers via carrier
onboarding, compliance, and scorecards
through the use of carrier, supplier, or delivery
site performance records. Shippeo provides
insights into transportation operations through
online dashboards and reporting, to enhance
key performance indicators (KPIs) on transport
volumes, on-time deliveries, and dwell time
31
.
Shippeo’s platform is divided into three key views:
− Shipper visibility: instant tracking and
shipment visibility are enhanced with enhanced
GPS tracking and 100% localised data servers
for data transfers, storage, and compliance for
regulatory frameworks such as General Data
Protection Regulation (GDPR)
32
− Ocean visibility: provides customers with
ocean transport data on more than 3,000
ports worldwide. With the addition of New
Lane Insights to the company’s Port Insights,
ocean freight visibility’s network is fed by
multiple tracing inputs such as real-time
tracking, lead times, and transhipment
duration through geofencing technology
and live AIS satellite data
33
− Carbon visibility: a consolidated carbon
emissions platform that provides a consistent
framework for comparing performance across
carriers, utilising carbon emission calculations
based on the GLEC framework
34
. With a new
platform integration with carbon emissions
estimating company Searoutes, CO
2
emissions
for upstream and downstream transport and
distribution activities can be determined by
origin, destination, or carrier, and calculated
using tracking data, container type, weight,
truck type, engine type, and vessel IMO number
35
Shippeo is also investing in smart tracking through
a collaboration with e2open, using their supply chain
planning and execution capabilities. This includes
a new oering that aims to enable users to virtually
‘look inside’ trucks or containers to see what
specific goods are being moved and what – if any
– corrective measures are needed to increase
operational eciency and avoid delays
36
.
On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry 34
Across all three industries explored in this series there was recognition that resiliency is impossible unless
buyers, suppliers and other parties along a value chain are willing to share data and collaborate. This will
require trust and new ways of sharing data securely. As Reuters noted in a recent report, “With the benefits
of increasing collaboration through data sharing and visibility into deeper tiers becoming more obvious,
addressing mistrust becomes a key objective and will require concerted and directed eorts… organisations
will need to move closer to their suppliers and build relationships and trust, but they can also use smart
approaches to data sharing to make progress”
37
.
Potential opportunities to accelerate this further include:
To support these opportunities, brokers and risk advisory partners, in partnerships with technology solutions
providers – some of which have been highlighted throughout this report – can explore how to fill data gaps and
connect organisational resilience proactivity to risk transfer solutions. The transportation and logistics companies
we spoke with as part of this research would welcome such discussions with their insurance and broker partners.
Notably we see that the transport and logistics industry would welcome discussions around risk management
expertise to oer more insight on their individual risks.
Transportation and logistics company data collation has been mentioned above, but
this could be enhanced through the creation of industry supply chain risk standards
and subsequent data sharing with insurers. This could be provided by the insured as
a pre-requisite to conversations about cover availability and cost (i.e. to demonstrate
whether they are a well-managed enough risk for insurers to want to engage with).
In time, these developments could feed into ‘digital twins’, mapping out supply chains
and risk resilience plans to provide a greater view of risk and enable more
sophisticated modelling
Establishing unique supplier identifiers for every company to generate a granular
view of networks, supplier tiers, routings etc. Unique identifiers can also support
insurers in understanding aggregations. Progress in this area is already underway
with some technology companies oering dedicated data processing platforms
– this could be complemented in the semiconductor industry by transportation
and logistics providers whose data could augment the view of connections
between nodes to map greater levels of supplier tiers
Availability of ‘real time’ data on events aecting the supply chain is growing within the
transportation and logistics industry, but wider adoption of this capability would enable
proactive and faster reactive responses and reduce impacts of loss. Insurers could play
a role in incentivising greater uptake of this data through partnerships with the accelerators
listed in this section
01
02
03
Data standards and industry engagement opportunities
On the move: Rethinking transportation and logistics supply chains On the move: Rethinking transportation and logistics supply chains
Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry Supply chain insurance awareness and product innovation opportunities in the transportation and logistics industry35 36
Supply chain data sources Standardisation Transition technologies Policy and finance engagement Regulation
− The Global Supply Chain Pressure Index (GSCPI)
38
uses metrics like transportation costs, Purchasing
Managers' Index (PMI) surveys, and manufacturing
firms across seven interconnected economies to
predict potential supply chain disruptions. It uses
data from the Baltic Dry Index, Harpex index, U.S.
Bureau of Labor Statistics, and PMI surveys to
assess potential disruptions in the global supply chain
− The World Bank’s Logistics Performance Index
is an interactive benchmarking tool created to help
countries identify the challenges and opportunities
they face in their performance on trade logistics
and what they can do to improve their performance
39
− resourcetrade.earth has been developed by
Chatham House to enable users to explore the
fast-evolving dynamics of international trade in
natural resources, the sustainability implications
of such trade, and the related interdependencies
that emerge between importing and exporting
countries and regions
40
− Scheduling Standards Consortium (SSC):
A collaboration amongst the transportation &
logistics industry’s key freight, B2B, and cloud-
based companies to establish freight appointment
scheduling standards that provide visibility into the
supply chain. Key goals will be to provide a number
of standard releases in 2023, introduce a System
Interaction Model, application programming interface
(API) design and create a common freight
transportation language
Transportation mode data
− Import and export delays: With TradeLens
discontinued in 2023, new innovation opportunities
are opening for service providers. CargoX is an
example of an organisation to watch where
momentum is gathering
− Container shipping indicators, based on
ship tracking data from Marine Traffic
41
,
MDS Transmodal
42
− Aviation logistics, based on tracking data
from Cargo iQ
43
, which is supported by IATA
(International Air Transport Association)
− 9 ocean carrier members of the Digital Container
Shipping Association (DCSA)
44
recently committed
to achieving 100% electronic Bills of Lading (eBL)
adoption by 2030
Transportation and logistics companies and standards
bodies are engaged in industry initiatives designed
to 1) standardise data across multimodal methods
of transportation and 2) standardise data to support
quantification and reduction of GHG emissions.
From a supply chain perspective, ISO 22301 is a key
risk management standard and establishes a code
for implementing Business Continuity Management
Systems (BCMS) to protect against, reduce the
likelihood of the occurrence of, prepare for, respond
to and recover from disruptions when they arise.
Multimodal data
ISO 23354 aims to improve data interchange
efficiencies amongst the multiple intermodal
networks that make up the various facets of
transportation modes
45
.
Three key committees responsible for driving
standards and actions across transportation and
logistics include: ISO/TC 22: Road vehicles, ISO/TC
104: Freight containers, and ISO/TC 204: Intelligent
transport systems.
Sustainable supply chain data
ISO 14083 is a new standard focusing on quantification
and reporting of GHG emissions to support the sector’s
carbon reduction efforts by providing the first universal
method for logistics emissions accounting
46
.
The standard embeds the principles of the Global
Logistics Emissions Council (see report section 2)
into a formalised ISO compliant methodology
47
.
PAS 2060 provides guidance on how to quantify
and reduce GHG emissions in specified business
areas such as products, services, and infrastructure.
As the only internationally recognised certification
for organisational carbon neutrality, PAS 2060
provides a verifiable method to support ESG and
net-zero goals and requires the total amount of
residual carbon emissions to be offset by certified
carbon credits
48
. See section 2 for a deep dive
on sustainability initiatives.
− IEA's ETP Clean Energy Technology Guide
49
contains information for over 500 individual
technology designs and components across
the whole energy system, of which 70 relate to
transportation. For each of these technologies,
it includes information on the level of maturity and a
compilation of development and deployment plans
− The International Maritime Organisation (IMO) has
launched CARES to accelerate green technology
demonstration and deployment in the maritime
industry, promoting a "blue economy" growth.
The program links international initiatives, research
and development centers, and green financing with
financial institutions and transportation companies
50
− Towards Zero Carbon Aviation (TOZCA) is a
project led by Professor Andreas Schäfer at the
Air Transportation Systems Lab, University College
London and supported by WTW that is examining
how the sector can realistically move towards a net
zero climate impact global aviation system. The
project will develop a comprehensive tool suite to
simulate the most cost-effective transition toward
a net zero-carbon aviation system by 2050 and a
later 2070 date, as well as the costs and emissions
trajectories associated with such transitions, looking
at changes in technology, fuels, operations,
competition, and consumer behaviour that can
lead to drastic CO
2
emission reductions
51
− The World Bank is the largest global provider
of development financing for transport, focusing
on climate-smart systems. With 172 active projects
and $34.1bn in commitments
52
, the bank's Global
Facility to Decarbonise Transport (GFDT) aims
to accelerate innovation and investment in climate-
smart mobility solutions. In February 2023, the bank
announced a $50m project to repair Ukraine's
transport network, supporting humanitarian relief
and increasing import and export corridor capacity
53
− The EU's TEN-T policy focuses on developing
efficient, multimodal, and high-quality transport
infrastructure across the EU. €25.8bn will be
allocated for projects aiming to remove bottlenecks,
ensure sustainable transport systems, and optimise
interconnection and interoperability
54
− The Freight Energy Forum
55
is a new UK initiative
to bring government and industry together to support
the sector across all modes – including rail, road, air,
maritime and warehousing – reach net zero by 2050.
The forum will discuss potential solutions that the
sector could take to start reducing emissions now
and, for the longer term, will look to create a plan
or roadmap to roll out future clean energy
infrastructure for the industry
− The Inflation Reduction Act and Airport
Infrastructure Resilience Act of 2023 aim
to legislate $300m annually between 2024
and 2028
56
. Separately, the US Department
of Transportation has allocated $703m to fund
41 projects to enhance port facilities, including
enhancing supply chain reliability, efficiency,
reduced emissions, and workforce opportunities
− UNCTAD and Barbados will host the first Global
Supply Chain Forum in March 2024 to address
supply chain challenges, food security, and trade
facilitation. The forum will focus on climate change
adaptation and mitigation strategies, sustainable
transport networks, international trade financing
mechanisms, and stress-testing exercises using
the Federal Reserve Bank of New York's Global
Supply Chain Pressure Index
57
using data from
the transportation and manufacturing sectors
58
− EU Supply Chain Law: the draft Act requires
EU companies to audit suppliers along the entire
global supply chain, including all direct and indirect
business relationships with the aim to ensure
compliance with applicable human rights standards
and environmental protection. The directive could
affect around 12,800 companies
− EU Data Act 2023: The European Parliament has
adopted its position on the Data Act, the first EU
industrial data rulebook, setting harmonised rules
on accessing, sharing and using data generated
by connected products. The Data Act is specifically
relevant for operators transporting people and goods,
considering the amount of data generated by road
transport vehicles
59
− In February 2021, Executive Order 14017,
“America’s Supply Chains,”
60
directed a whole-of-
government approach to assessing vulnerabilities
and strengthening the resilience of critical supply
chains
61
through two interagency supply chain task
forces (the Supply Chain Disruptions Task Force
and the Supply Chain Trade Task Force). The US
Department of Transportation’s recent Freight
Logistics Optimisation Works (FLOW) initiative
will serve as an independent data steward for
participants to exchange supply and demand
information to be aggregated, anonymised,
and returned for a holistic view of freight
62
Cyber: The European Union Agency for Cybersecurity
(ENISA) is the Union's agency dedicated to achieving
a high common level of cybersecurity across Europe.
The revised Directive on measures for a high common
level of cybersecurity across the EU (NIS2)
63
and the
additional notification provisions for security incidents
aim to support a better mapping and understanding
of relevant incidents. Transportation is one of the key
sectors this directive aims to support data provision for.
Data standards and industry engagement opportunities
Transportation and logistics companies are already undertaking steps with third parties, and the insurance
industry can join those eorts to further incentivise changes and support the development of new risk
sharing solutions.
Conclusions
Conclusions
On the move: Rethinking transportation and logistics supply chains
38Conclusions
On the move: Rethinking transportation and logistics supply chains
Conclusions - The role for the global insurance industry
The supply chain disruption experienced during the COVID-19 pandemic, and more recently following
the outbreak of conflict in Ukraine, has highlighted both the importance of the transportation and logistics
industry and the fragility of global food security and supply chains. Across all three industries we have explored
through this series there is clear value to be gained from having deeper, specific conversations on supply chain
risks and resilience – the industry must play a proactive role in helping customers understand both their
exposure and their coverage to ensure the right solutions are put in place.
This research outlines tangible steps that insurance and reinsurance organisations can take to support
transportation and logistics companies and their needs; but it is only as eective as its application.
The real work is in converting those insights into action.
An opportunity for the (re)insurance industry to respond
Innovative solutions:
The (re)insurance industry can help to build long-term resilience by deploying its capital to remove risks from
customers’ balance sheets and reduce their exposure to supply chain risks. The increasing turbulence of the
risk landscape and the demand for more bespoke coverages raises expectations of the insurance industry to
innovate in the way that it provides services and improve its communication around how existing products can
respond to supply chain risks. In some cases those interviewed for this research described perceived product
gaps where solutions already existed; however, a series of protection gaps have been identified which insurers
could look to address. In some cases further modelling, data partnerships and in-depth conversations with the
transportations and logistics industry may be required.
Opportunities for insurance
Raise awareness
of existing products
Consider new products
in the 'gaps' highlighted
by transportation and
logistics companies
Identify and share
modelling needs
Collaborative action:
Insurers, brokers and risk management service providers have a unique opportunity to support conversations
between insurers and insureds. As an industry built on the principle of bringing teams together to discuss and
share risk, opening the dialogue on supply chains and forming new partnerships will allow insurance to respond
to a fast-moving landscape. Transportation and logistics companies are acting now, and brave and agile insurers
can harness this opportunity. This also extends to exploring public private partnerships as governments around
the world look to secure national supply chain resilience and critical transportation and logistics infrastructure.
Opportunities for insurance
Work closely with customers to obtain detailed
exposure data and develop capabilities
to better quantify supply chain risk
Support governments supply chain resilience
eorts through public private partnerships
and knowledge sharing
On the move: Rethinking transportation and logistics supply chains On the move: Rethinking transportation and logistics supply chains
39 40Conclusions Conclusions
Actions that Lloyd’s will take
Lloyd’s will continue to support innovation around transportation and logistics supply chain protection gaps
through convening platforms such as Lloyd’s Futureset and the Lloyd’s Lab. Through this research, we hope to
help businesses and the insurance industry understand how specific risks across transportation and logistics
supply chains can be managed, where existing support from the insurance industry is currently available, and
where new specialist coverage could be introduced.
Lloyd’s is committed to supporting innovation across the market and has set up a number of facilities to ensure
that the market has the space needed to innovate or commit capacity to new ventures, including:
− Lloyd’s Lab: an award-winning space dedicated to accelerating and fostering new products and solutions
fit for the needs of our customers around the world
− Lloyd’s Product Launchpad: providing £150m of capacity, the Lloyd’s Product Launchpad is committed to
providing a safe space for underwriters to experiment with new ideas in a controlled way, which balances
the need for appropriate oversight with the risk of not innovating fast enough
− Innovation class of business GWP targets: allowing syndicates to commit an additional 2% of their Gross
Written Premium (GWP) from their business as-usual plan to a dedicated innovation class of business
Supply chain cover does exist today, but it can often be complex to underwrite and costly
to buy. Additionally, these products will need significant development to support supply
chain resilience against future systemic risks. Having aordable and accessible product
and service solutions will be key to instilling confidence in businesses when facing the future.
As an industry we need to develop a wider range of solutions that can fulfil this growing need,
but to do this we will need the data to understand the complex supply chain networks that exist
and the risks to which they are exposed. I see this as a great opportunity for our industry to work
with all stakeholders, businesses, and governments around the world, to develop a greater level
of certainty on supply chain resilience amid a world filled with challenges.
John Ludlow, Former Airmic CEO, Lloyd’s Futureset supply chain masterclass, March 2021
2
Explore new data sources and partnerships:
The improved visibility of supply chain related exposures from new data sources will be a key factor in helping
insurance play a meaningful role. The transportation and logistics industry recognises that providing insurers
with better data and having a more bespoke conversation with insurance partners will be critical to ensuring
that their capacity and coverage requirements can be met. This report provides a number of case studies to
highlight the type of partnerships which could be brought to bear. In addition, there are further opportunities
for the industry to respond to changing customer needs, such as providing business interruption reviews as
part of a risk advisory proposition, or geopolitical wargaming scenarios to stress test potential blockages in
supply chains.
Opportunities for insurance
Consider how the acceleration
case studies outlined in this
report could help grow supply
chain knowledge, harness
customers' existing
digitalisation eorts, and
complement modelling
Consider investing in
capabilities to link supply
chain exposure to business
interruption modelling
Continued development
of proactive risk
management solutions
Provide expert advice:
The insurance industry has an opportunity to actively help customers reduce their supply chain risk.
Insurers have a unique opportunity to partner with an industry in that is already exploring its supply chain
risks by supporting their risk management planning, mapping and modelling eorts. Entering into dialogue
with businesses operating across the transportation and logistics industry can help both insurers and
customers better understand the challenges around obtaining specialist insurance cover, and whether
cover could be restructured, segmented or consolidated to make it more eective and sustainable.
Opportunities for insurance
Engage with the transportation and logistics
industry on risk understanding
Consider new products to address
the 'gaps' highlighted by transportation
and logistics companies
References
On the move: Rethinking transportation and logistics supply chains
42References
On the move: Rethinking transportation and logistics supply chains
References
1. https://www.insurancebusinessmag.com/uk/news/breaking-news/logistics-insurance-market-to-exceed-
70bn-by-2030-441018.aspx
2. https://www.wtwco.com/en-gb/insights/2023/02/2023-global-supply-chain-risk-report
3. https://safety4sea.com/allianz-key-trends-driving-marine-insurance-claims-activity/
4. https://www.clearconnectsolutions.com/clearconnect-solutions-and-truckspy-partner-for-the-next-
generation-in-driver-safety/
5. https://www.travelers.co.uk/iw-documents/uk/documents/TRV4413-eTrade-cargo-factsheet-UK.pdf
6. https://www.parsyl.com/media/parsyl-launches-first-perishable-insurance-consortium-at-lloyds
7. https://www.instech.co/insight/marine-insurance-successfully-navigating-innovation-waters
8. https://euristiq.com/what-is-transportation-management-system/
9. https://www.supplychaindive.com/news/oracle-technology-sustainability-capabilities-supply-chain-
management/644112/
10. https://news.microsoft.com/en-in/features/how-blue-yonder-is-building-intelligent-supply-chains-for-a-
more-sustainable-planet/
11. https://www.arrivelogistics.com/arrive-logistics-acquires-cross-border-business-from-forager/
12. https://media.blueyonder.com/how-forager-blue-yonder-and-p44-are-modernizing-cross-border-shipping/
13. https://www.dhl.com/global-en/home/press/press-archive/2020/dhl-supply-chain-launches-software-
platform-with-blue-yonder-on-microsoft-cloud-to-accelerate-implementation-of-warehouse-robotics-
through-standardization.html
14. https://fleetnewsdaily.com/c-h-robinson-announces-unmatched-number-of-tms-and-erp-integrations/
15. https://www.businesswire.com/news/home/20230501005187/en/The-Scheduling-Standards-Consortium-
Adds-Collaborators-and-Reveals-2023-Milestones
16. https://www.sap.com/products/scm/aatp.html
17. https://sap.io/cogniac-announces-visual-operations-intelligence-platform-for-cloud-based-solutions-from-sap/
18. https://www.sap.com/products/scm/integrated-business-planning.html
19. https://www.sap.com/products/business-network/supply-chain-collaboration.html
20. https://www.sap.com/products/scm/sustainability-footprint-management.html
21. https://news.microsoft.
com/2020/07/14/c-h-robinson-announces-alliance-with-microsoft-to-digitally-transform-the-supply-chain-
of-the-future/
22. https://www.chrobinson.com/en-us/newsroom/press-releases/2021/09_20_21_market_rate_iq/
23. https://www.logisticsmgmt.com/article/c.h._robinson_and_waymo_via_provide_an_update_on_autonomous_
driving_technol
24. https://www.logisticsmgmt.com/article/c.h._robinson_and_waymo_via_provide_an_update_on_autonomous_
driving_technol
25. https://www.project44.com/press-releases/project44-introduces-first-ever-carrier-onboarding-sla-to-
accelerate-visibility-results-for-shippers
26. https://www.project44.com/blog/project44-and-oracle-expand-partnership-adds-air-tracking
27. https://www.freightwaves.com/news/project44-takes-on-shipping-disruptions-via-actionable-in-terminal-
insights
28. https://www.rcrwireless.com/20221114/internet-of-things/supply-chain-scale-up-project44-raises-80m-
from-maersk-others-takes-value-to-2-7bn
29. https://www.cevalogistics.com/en/news-and-media/Newsroom/ceva-logistics-boosts-ocean-shipment-
visibility-through-global-partnership-with-project44
30. https://www.project44.com/press-releases/project44-reliance-partners-collaborate-deliver-real-time-
cargo-insurance-quoting-purchasing
31. https://www.shippeo.com/solutions/shippeo-insights
On the move: Rethinking transportation and logistics supply chains
43References
32. https://www.shippeo.com/solutions/carrier-onboarding
33. https://www.shippeo.com/press-releases/shippeo-advances-multimodal-transport-visibility-platform-with-
new-autumn-platform-release-announces-searoutes-partnership-for-precise-carbon-emissions-tracking
34. https://www.shippeo.com/solutions/carbon-visibility
35. https://www.shippeo.com/press-releases/shippeo-advances-multimodal-transport-visibility-platform-with-
new-autumn-platform-release-announces-searoutes-partnership-for-precise-carbon-emissions-tracking
36. https://www.marineinsight.com/shipping-news/e2open-and-shippeo-expand-partnership-to-deliver-native-
real-time-in-transit-visibility/
37. https://www.weforum.org/agenda/2022/01/5-ways-the-covid-19-pandemic-has-changed-the-supply-
chain/
38. https://www.newyorkfed.org/research/policy/gscpi#/overview
39. https://lpi.worldbank.org/sites/default/files/2023-04/LPI_2023_report.pdf
40. https://resourcetrade.earth/
41. https://www.marinetrac.com/
42. https://www.mdst.co.uk/
43. https://www.cargoiq.org/
44. https://www.msc.com/en/newsroom/news/2023/april/msc-to-share-insights-on-digitalization-at-
singapore-maritime-week-2023
45. https://www.iso.org/standard/75307.html
46. https://www.iso.org/obp/ui/#iso:std:iso:14083:ed-1:v1:en
47. https://bifa.org/2023/12/20/decarbonising-the-logistics-supply-chain-whats-on-the-mind-of-industry-
leaders-part-1/
48. https://www.sylvera.com/blog/additionality-carbon-osets#:~:text=What%20is%20
additionality%3F,integrity%20of%20a%20carbon%20project.
49. https://www.iea.org/data-and-statistics/data-tools/etp-clean-energy-technology-
guide?selectedSector=Transport
50. https://www.imo.org/en/MediaCentre/PressBriefings/pages/GMN-decarbonization-2021.aspx
51. https://www.nature.com/articles/s41558-022-01485-4
52. https://www.worldbank.org/en/topic/transport/overview#2
53. https://www.worldbank.org/en/news/press-release/2023/02/10/world-bank-approves-50-million-grant-to-
help-repair-transport-infrastructure-in-ukraine
54. https://www.europarl.europa.eu/factsheets/en/sheet/136/financing-the-trans-european-
networks#:~:text=The%20proposed%20CEF%20total%20budget,3%20billion%20for%20digital%20
networks.
55. https://www.gov.uk/government/news/new-industry-and-government-forum-launched-to-boost-freight-
decarbonisation-and-innovation
56. https://www.congress.gov/bill/118th-congress/senate-bill/1055
57. https://unctad.org/meeting/global-supply-chain-forum-2024
58. https://resilientmaritimelogistics.unctad.org/guidebook/31-ultimate-stress-test
59. https://www.iru.org/news-resources/newsroom/iru-welcomes-european-parliament-vote-pioneer-data-act
60. https://www.maritime.dot.gov/newsroom/biden-harris-administration-announces-more-703-million-
improve-port-infrastructure
61. https://www.gao.gov/assets/gao-23-105534.pdf
62. https://www.transportation.gov/briefing-room/usdot-supply-chain-companies-launch-new-data-exchange-
strengthen-supply-chains
63. https://eur-lex.europa.eu/eli/dir/2022/2555
On the move: Rethinking transportation and logistics supply chains
Twitter @LloydsofLondon
LinkedIn lloyds.com/linkedin
Facebook lloyds.com/facebook
© Lloyd’s 2024 All rights reserved
Lloyd’s is a registered trademark
of the Society of Lloyd’s.
This document has been produced by Lloyd's
for general information purposes only. While
care has been taken in gathering the data
and preparing this document, Lloyd's does
not make any representations or warranties
as to its accuracy or completeness and
expressly excludes to the maximum extent
permitted by law all those that might otherwise
be implied.
Lloyd's accepts no responsibility or liability
for any loss or damage of any nature occasioned
to any person as a result of acting or refraining
from acting as a result of, or in reliance on, any
statement, fact, figure or expression of opinion
or belief contained in this document. This document
does not constitute advice of any kind.
This report oers a general overview of its subject
matter. It does not necessarily address every
aspect of its subject or every product available
in the market and we disclaimer all liability to the
fullest extent permitted by law. It is not intended
to be, and should not be, used to replace specific
advice relating to individual situations and we do
not oer, and this should not be seen as, legal,
accounting or tax advice. If you intend to take any
action or make any decision on the basis of the
content of this publication you should first seek
specific advice from an appropriate professional.
Some of the information in this publication may
be compiled from third party sources we consider
to be reliable, however we do not guarantee and
are not responsible for the accuracy of such.
The views expressed are not necessarily those
of WTW.
