Project description
Innovative platform for cargo claims management
Cargo claims in the shipping industry are complex, expensive, and time consuming, as a marine cargo claim against a shipping line could take from two to six months. This is due to the many touchpoints in the claims process and the lack of trust between sides. The EU-funded CroP project will conduct a feasibility study on an innovative digital platform that reduces the claims lifecycle from many months to a few clicks and facilitates quite instant verification of claims-supporting documents. The innovation allows the users to see immediate benefits in terms of operational efficiencies and claims administration costs. The CroP platform targets low-value claims, which generate the most work for experienced claims handlers on both sides.
Objective
OPTIMIZ is a claims management service SME which is finding new paths for swift and effective claims resolution in the logistics industry. Through its secure digital platform, it intelligently connects cargo claimants to cargo carriers with the aim of fostering AI assisted claims negotiations.
Cargo claims in the shipping industry are complex, expensive and longwinded. In fact, a marine cargo claim against a shipping line could take anywhere between two months to six months. In some cases, it could take up to a year. The reasons for such extended claims lifecycle have been attributed to the many touch points in the claims process but also the lack of trust between both sides.
Through its digital platform called CroP, OPTIMIZ is providing the tools necessary for reducing the claims lifecycle from many months to a few clicks and facilitating almost instant verification of claims supporting documents.
The innovative insights from OPTIMIZ founders ensure that users of CroP will be able to see immediate benefits from its use both in terms of operational efficiencies and claims administration costs.
With an initial focus on cargo insurers, the annual cargo premium in 2016 was about USD55B with over 60% of that going toward claims payment and associated costs. OPTIMIZ is targeting what is considered to be low value claims which generate the most work for experienced claims handlers on both sides.
Working sessions with leading shipping lines have confirmed a clear market need for CroP. OPTIMIZ now seeks for funding for a feasibility study.
Fields of science
Programme(s)
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
EC1V 2NX LONDON
United Kingdom
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.