Diversifying lanes served and freight capabilities is a strategic way for freight brokers and carriers to expand their networks and grow margins. Because of this, cross-border, high-value and less-than-truckload opportunities are increasingly attractive to transportation and logistics service providers.
Formerly a freight broker for eight years, Mark Vickers, executive vice president and head of international logistics at Reliance Partners, experienced this firsthand.
He knew earnings could be more lucrative for cross-border freight and international freight in Canada and Mexico, especially as these countries are two of the top trading partners with the U.S.
LTL shipping is also growing both domestically and across the border, fueled by e-commerce. Chasing freight with higher value, like pharmaceuticals, electronics and equipment, also allows for greater earning potential.
A lot of the time, however, Vickers remarked that as a broker he wasn’t able to win these types of freight because he couldn’t get proper all-risk coverage on LTL, high value, cross border and international freight. Without full coverage for each shipment, shippers aren’t likely to allow brokers or carriers to take on their shipments. All-risk coverage also allows for only one claim to be filed in the event of an incident instead of multiple claims against multiple policies.
The process of buying all-risk insurance to move a single load is lengthy and inefficient, though, and involves phone calls to risk management teams and insurance agents. By the time the broker or carrier secures coverage for the full value of the shipment, it may be too late.
“As a freight broker, you need to move fast. If something’s slowing you down, like insurance, you’re going to miss the opportunity to move that load,” Vickers said.
Reliance Partners, freight insurance specialists, aimed to expedite the process of buying per-load, A-rated all-risk Shipper’s Insurance for LTL, high-value, cross-border and international freight. That’s why it teamed up with Loadsure, insurtech managing general agent, to help distribute all-risk Shipper’s Interest coverage.
Loadsure’s automated portal allows freight brokers and asset-based carriers to easily access Reliance Partners’ markets for Shipper’s Interest coverage. It condenses the process further with its TMS integration ability.
Freight brokers and carriers can receive dynamically priced quotes based on load information and purchase coverage on a per-load basis within their TMS system with just a few clicks. Brokers and carriers can also receive static quotes, which makes it convenient and simple for those consistently moving the same loads or commodities.
Recently, Reliance Partners, Loadsure and McLeod, a TMS provider, integrated to offer Power Broker and Loadmaster TMS users the ability to gain Shipper’s Interest coverage.
Sales and risk management often bump heads when it comes to cross-border, international, high value and LTL freight because the freight broker wants the revenue, but the risk management team wants to make sure that the proper insurance is in place. All-risk Shipper’s Interest is the glue that forces the two to talk and be solution-oriented instead of at odds.
Reliance Partners’ program enables freight organizations to move the higher risk business with automated cost-effective insurance solutions in place.
To learn more about Reliance Partners, click here.
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