TT Club’s new online-cargo insurance system is up and running

By: | at 08:00 PM | Channel(s): Ports & Terminals  

TT Club has launched an online service named TT Club Forwarders. The London-based insurance mutual’s online service will provide freight forwarders and logistics operators with a fast and accurate cargo cover to meet market needs.By George Lauriat, Editor-in-Chief, AJOTGraham Hooper, TT Club’s Senior Underwriter, has been in the cargo insurance business for over two decades, and the development of internet-based products for cargo insurance has been a pet project. “The idea occurred to me about ten years ago that an internet-based system [for cargo insurance] would be helpful to forwarders, improving the speed and accuracy of the process,” Hooper told the AJOT. “It was a logical step. The forwarders’ business was paper heavy, and there was a need for a system that would automate the insurance process and allow them [forwarders] to react quickly to their clients needs,” Hooper added.
Hooper said, “Freight forwarders and other intermediaries must often react quickly to the demands of their customers. These involve moves of diverse commodities in differing volumes via varied modes across all geographies. The complex and unpredictable nature of these demands has in the past often made securing comprehensive insurance cover difficult.” Adding, “In designing TT Club Forwarders, we have been very much aware of the need to simplify the process of accepting a given risk in these circumstances.”
A little over a year ago, a number of select companies began using the “TT Forwarder” system. After extensive trialling, the TT Club launched the new product in April. For the TT Club, the movement into cargo insurance, online or otherwise, is something of a sea-change. The insurance mutual specializes in covering transportation and logistics equipment, such as boxes, gantry cranes and other elements involved in the movement of freight. For example, 70% of the world’s cargo container fleet is insured under the TT Club banner. However, the TT Club also works with a large number of forwarders/logistics providers, and as Hooper explained “the [TT Forwarder] system really goes hand-in-hand with TT club’s existing clients and products.”
The process of accessing TT Club Forwarders is simple. The insurance brokers contact TT Club on behalf of their logistics client for access to the TT Forwarder’s system. The information is verified and the registration of the forwarder is completed. The forwarder/logistic provider then has access to the system (user names and passwords) and can request a specific cover. According to Hooper, the process can take as little as 15 minutes. Although most of the covers are standard (commodities, modes and value), Hooper says through special arrangements higher value cargo and other non-standard covers can be obtained. Hooper says that the online system already has “three to four dozen” clients regularly using the system.
Besides the fact that TT Forwarders is one of the few cargo insurance online systems globally available, the great advantage from the forwarders’ perspective is with registration a forwarder can obtain access to instant cargo insurance quotes, attachment of cover and document production. The system is also supported by an integrated accounts package and a worldwide claims service.
Hooper concludes by laying stress on the continuous enhancement to which TT Club is committed. “We have been most careful in testing this product and perfecting the online process. The offer has already been taken-up on a significant scale, and we are continually assessing feedback from our Members. Our intention is to make improvements where necessary on an on-going basis.”
The TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services. Established in 1968, the Club’s membership comprises ship operators, ports and terminals, road, rail and airfreight operators, logistics companies and container lessors.

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American Journal of Transportation