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 (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
- natural sciences computer and information sciences artificial intelligence
- agricultural sciences agriculture, forestry, and fisheries agriculture
- engineering and technology mechanical engineering vehicle engineering naval engineering
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Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs
MAIN PROGRAMME
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H2020-EU.3. - PRIORITY 'Societal challenges
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H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
SME-1 - SME instrument phase 1
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) H2020-EIC-SMEInst-2018-2020
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
EC1V 2NX LONDON
United Kingdom
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.