ATLANTA, Nov. 30, 2020 (GLOBE NEWSWIRE) -- UPS Capital Insurance Agency, Inc., a subsidiary of UPS (NYSE:UPS), announced today that it will make additional shipping insurance coverage options available to small and mid-size companies using AscendTMS, a product of InMotion Global.
This enhancement to the already popular shipping platform will provide shipping protection to AscendTMS® users allowing them to tailor coverage based on their needs.
"We are offering a better option – a true insurance solution to cover the full value of goods,” said Mark Robinson, president of UPS Capital. “Our goal in working with AscendTMS is to provide businesses a frictionless, digital way to protect their shipments against loss and damage.”
This customized approach is achieved by giving users four different options based on their preferred deductible. The options mimic “gap coverage” where the user tailors coverage so they only buy what they need. In return, they get a best-in-class claims experience that has been highly rated in customer reviews.
Benefits include:
- Coverage that pays on the occurrence of a loss regardless of carrier fault
- Limits and coverages tailored for SMBs
- A best-in-class claims settlement process, highly rated by other SMBs
The typical AscendTMS user is booking large loads, with a big percentage of transactions moving via full truck load at higher total values. Until now the only option was to purchase excess liability from the carrier, which can often be more expensive, or from their insurance agent which can take time.
“We have given customers multiple options depending on their risk appetite and the coverage they desire or need,” said Tim Higham, president and CEO of InMotion Global. “If the carrier has provided them with $100,000 of coverage and they need more, we can now offer options to fill the gap if the load is valued higher.”
The transportation management system (TMS) market is expected to grow 4 times larger than the current size, reaching $4.9B in sales by 2025.1 “With the exponential growth in these platforms as well as ecommerce platforms, UPS Capital is looking to meet shippers where they transact,” said Robinson.
This integrated solution enables SMBs to digitally procure insurance on a shipment-by-shipment basis with a few key strokes, paying only for what they need. Users can then provide a better post-sales experience knowing they are dealing with a true insurance partner that focuses on paying claims.
The AcsendTMS customer can obtain a quote, review the terms and conditions of coverage and get coverage confirmation through the TMS software--all in a matter of minutes.
To learn more about this solution and the importance of in-transit shipment insurance, join AscendTMS and UPS Capital experts for a free webinar on December 2, 2020, at 2 p.m. ET. To register, go to http://bit.ly/AscendTMS-UPSC-Register.
About UPS Capital
Nobody understands transportation and logistics like UPS. And while you’ve probably never thought of a UPS company for financing and insurance services, the global supply chain expertise of UPS Capital uniquely positions us to help protect companies from risk and leverage cash in their supply chains. UPS Capital and its affiliates have offices throughout the United States, as well as operations in Asia, Europe and Latin America. For more information, visit https://upscapital.com.
About InMotion Global
InMotion Global, Inc. provides the free, award-winning, patent‐pending Transportation Management System, AscendTMS®, to freight shippers, freight brokers, and trucking companies. AscendTMS® is used by thousands of companies in 19 countries, from small single-person logistics operations to multi-billion-dollar international corporations and can manage any logistics operation. AscendTMS® is the world’s leading cloud-based TMS software, and ranked as the number one TMS software by Crowd Reviews, Capterra, and Software Advice (a Gartner company). InMotion Global, Inc. is headquartered in Brandon, Florida. Learn more at www.TheFreeTMS.com or at www.InMotionGlobal.com.
Insurance coverage is underwritten by an authorized insurance company and issued through licensed insurance producers affiliated with UPS Capital Insurance Agency, Inc., and other affiliated insurance agencies. UPS Capital Insurance Agency, Inc. and its licensed affiliates are wholly owned subsidiaries of UPS Capital Corporation. The insurance company, UPS Capital Insurance Agency, Inc. and its licensed affiliates reserve the right to change or cancel the program at any time. The insurance coverage is governed by the terms, conditions, limitations and exclusions set forth in the applicable insurance policy. Coverage is not available in all jurisdictions.
1 https://blog.intekfreight-logistics.com/tms-market-size-and-growth-expectations