Goods in transit (GIT) cover is one of those products which has become essential after Covid19. More home deliveries, longer supply chains, plus more freelance couriers doing the “last mile” section of the route. It all means brands need to think about insuring the goods against theft, damage, flood, cargo handling failures or port delays etc. Here’s the word;
Award-winning insurtech firm Anansi is pleased to collaborate with Tokio Marine HCC, Liberty Mutual and Arch Insurance to introduce a pioneering parametric goods-in-transit insurance tailored for large retailers. With Tokio Marine HCC as the lead insurance capacity provider and underwriter, and the arrangement facilitated by GAWS of London, a notable wholesale broker in the Lloyd’s market, this venture marks GAWS’ initial step into parametric cover, showing its dedication to modernisation in the insurance sector.
Facing supply chain disruptions and escalating business costs, large retailers are in need of a flexible and comprehensive insurance solution to ensure the protection of their shipments up to the retail value. Anansi’s innovative parametric claims solution, which triggers automatic payouts for lost parcels and simplifies damage claims processing, significantly eases the administrative load on retailers.
Anansi’s data-centric platform gives a deep insight into shipment risk factors, enabling a customisable pricing model for large retailers, who will benefit from dynamic pricing over time. This partnership significantly raises cover limits from £25,000 to £100,000 per parcel, propelling Anansi to better serve multinational retailers and international freight forwarders.
This alliance originated from Anansi’s involvement in the Lloyd’s Lab programme, showcasing the importance of collaboration between traditional insurers and insurtech firms to foster innovation within the industry.
Set to redefine the goods-in-transit insurance sector, this partnership provides unparalleled coverage and flexibility to large retailers.
Commenting on the partnership, Megan Bingham-Walker, Co-founder & CEO of Anansi said, “We are delighted to join forces to enable Anansi to scale up its product to cover large retailers and even more businesses. This collaboration signifies our commitment to bringing innovative goods-in-transit insurance products to market”.
Richard Golder, Head of Marine Cargo at Tokio Marine HCC said, “We are pleased to be the lead supporting security for Anansi in their innovative approach to assisting industry with supply chain solutions for last mile coverage in package distribution. The ability to track couriers, packages and analyse large volumes of data whilst providing a simple and efficient claims handling service gives a great opportunity to improve coverage for clients and their end customers. This is an innovative approach and one that complements and offers diversity to our cargo portfolio. We look forward to developing the product further with Anasi and their clients in the coming year.”
Warren Campbell, Head of Portfolio Solutions at GAWS, stated “Our binder for Anansi represents a significant step forward for GAWS as we expand our offerings and embrace the future of insurance. We are proud to be at the forefront of innovation, working with our esteemed partners to provide large retailers with a tailored, parametric solution that will reshape the way they protect their assets.”
Rosie Denée, Senior Manager at Lloyd’s Lab commented “Anansi’s participation in the Lloyd’s Lab Accelerator programme exemplifies the spirit of innovation that we aim to foster. We’ve watched Anansi’s journey with great interest and are proud to have played a part in their growth and development. This collaboration is a testament to their dedication to advancing the insurance industry. We look forward to seeing the positive impact their new insurance binder will have on the market.”
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