EmptyTrips, South Africa’s award-winning innovative freight and transport exchange has launched a new digital on-demand enterprise insurance service offering dubbed SureFOXTM to simplify cargo insurance.
SureFOX, short for Insurance on the Freight Open Exchange, is the first of its kind on the continent and aims to make cargo insurance within a few minutes.
According to Ms Justine Letard, Business Development Manager of EmptyTrips, “Listening and responding to the needs of our users is at the centre of everything we do so we are excited to add more value to their operations.”
The combination of an efficient 360-degree logistics procurement and management system with a democratised freight exchange is what will unlock the boundless potential in African logistics and trade. This vision, as lofty as it may be, is what inspires us to innovate further!”
EmptyTrips is working with Nacora Insurance Brokers and international Freight Forwarder Kuehne + Nagel on the innovation. EmptyTrips has a number of exciting products launching this year, including RailFOX (on-demand Rail Freight Exchange) and StoreFOX (on-demand warehousing).
The SureFOX system completes the necessary risk calculations based on a matrix of risk inputs within seconds, and if the cargo is within the risk limitations, a premium is quoted. Users can immediately make their premium payment securely online and receive an invoice and insurance certificate by email. Simple.
SureFOX is available at www.emptytrips.com, and can cover majority of cargo types up to R8million (±USD660k) for any one shipment, by road, rail, air or sea. “Cargo moving to / from South Africa can be covered – excluding sanctioned countries of course.”
Insurtech is fast becoming an attractive area, a recent report from Venturescanner on the Insurance Technology Industry estimated total funding by 1381 insurtech companies across 61 countries is $19.1 billion – an average of nearly $14 million per startup.
The report also highlights the Enterprise Insurance Tech (EIT) sector as the newest (least established) of all 14 insurtech sub-categories; i.e. only 6% of all the insurance tech (insurtech) companies in the report are in the Commercial/Enterprise sector, but have received more funding than 6 other sectors. Furthermore, Logistics insurance technologies are very few, this may suggest that there is significantly more opportunity in the EIT and logistics sector – which EmptyTrips has attached with SureFOX.