Global reinsurer Munich Re has entered into a partnership with logistics technology company, ClearMetal, to provide an insured guarantee to its offering.
ClearMetal is a leading international freight visibility and dynamic planning company, providing shippers with quality, timely data on ocean container movements during transit so they can better plan on-time delivery, reduce detention and demurrage (D&D) charges, and also provide superior customer service.
Now, it’s become the first and only logistics technology firm to offer an insured guarantee through a new partnership with Munich Re.
Under the arrangement, ClearMetal guarantees clients that after the first year of engagement, it will provide completeness of data for container shipments at least 90% of the time. Additionally, the company also guarantees that it will notify customers within 24 hours of vessel arrival at port for 80% or more of its container shipments.
In comparison, most shippers receive vessel arrival notification around 36 hours after the actual event. So, by leveraging ClearMetal’s technology and service, shippers are able to more efficiently schedule downstream transportation, provide more accurate delivery dates to customers, and avoid D&D fees.
The insurance for ClearMetal is underwritten by a primary insurance subsidiary of Munich Re, which is rated AA- by S&P and is eligible to write surplus lines business across the U.S.
Greg Barats, Senior Executive at Munich Re and President and Chief Executive Officer (CEO) of HSB, commented: “Our partner ClearMetal is a highly innovative and technologically advanced data company for global freight transportation.
“ClearMetal delivers on its promise of Continuous Delivery Experience by providing comprehensive arrival data in a timely fashion. By adding the insured guarantee to its offering, we support ClearMetal in revolutionizing the B2B customer experience in that field.”
ClearMetal’s platform repeatedly collects and cleans data from satellites, shippers, vessels, terminals, ocean carriers, and third-party partners. By using machine learning to cross-reference inputs and analyse the data, users are able to make decisions based on up-to-date, trustworthy information.
Tom Linton, an Executive Advisor at ClearMetal, who most recently served as Chief Supply Chain Officer at Flex and was Chief Procurement Officer at both LG and Freescale, said: “Visibility is crucial to weathering volatility in the supply chain and helping shippers make better decisions.
“As global trade continues to be very unpredictable and dynamic, shippers need to prepare and learn how to better manage their supply chain in this environment. ClearMetal gives shippers confidence in their data and helps take time and unknowns out of the supply chain so they can optimize productivity, curb costs and delight customers.”
Thomas Atwood, Lead Data Scientist of ClearMetal, added: “We provide organizations with the most accurate and timely data about their shipments and enable them to optimize logistics for competitive advantage. Now we guarantee our promise with the backing of Munich Re, one of the leading and most innovative insurance firms in the world. If anyone questioned who has the best data in the industry, the actuaries at Munich Re just confirmed it’s ClearMetal.
“As a leader driving the digital transformation across the insurance industry, Munich Re ‘gets it.’ ClearMetal is proud to have earned their trust in our platform and the quality of our data and we value their partnership. With this guarantee, we are putting our money where our mouth is.”
