Currently the Logistics‘ general situation faces challenges due to the fact that cargo logistics are complex and highly non-transparent. Besides, while the goods are shipped, there is little transparency on information concerning shipment and location.
The cargo insurance today is an all risks insurance for physical damage losses with involved claims process and risk of undiscovered losses. A possible solution will be addressed and discussed by one of our speakers- Veenet Muthraja.
At the DATA Festival 2020, Veenet Muthraja, Project Manager and Senior Underwriter at Munich Re, will present a solution for the challenge mentioned above- the lack of information accuracy, such as status of shipment, estimated time of arrival, location of cargo and the quality of shipment. He will introduce a combination of the traditional cargo insurance with the concept of the Internet of Things (IoT) – The Mobile Asset Tracking Product, developed by Munich Re.
The data about the cargo and surroundings such as location or temperature is provided in real time by the sensors installed at the cargos. This way, new solutions based on the data captured such as parametric quality insurance for sensitive high value goods are provided. As well as increased transparency about supply chain to improve and grant the efficiency of logistics.
IoT lifts cargo insurance to the next level by diminishing pain points, adding value for the client and generating new revenue streams through new services like supply chain consulting.
How do clients benefit? Now it is possible to be informed about shipment visualization, quality score and supply chain optimization through performance analysis, instant proof of loss with no questions asked settlement.
Veenet Muthraja works for Munich Re and is project manager for the Mobile Asset Tracking Product. His aim is to bring cargo insurance to the next level by using real-time data from different sources including IoT devices He worked in contract underwriting for transport reinsurance for the Lloyd’s of London market, where he contributed to building a profitable reinsurance portfolio of Marine & Offshore Energy Accounts of syndicates operating. He completed his apprenticeship as insurance and finance specialist at Munich Re in 2008. He graduated with a Bachelor of Laws (LL.B).