Leveraging predictive technologies to increase operational & cost efficiencies in the European cargo claims value chain.

ended

OPTIMIZ is a claims management service SME which is finding new paths for swift and effective claims resolution in the logistics industry. Through its secure digital platform, it intelligently connects cargo claimants to cargo carriers with the aim of fostering AI assisted claims negotiations. Cargo claims in the shipping industry are complex, expensive and longwinded. In fact, a marine cargo claim against a shipping line could take anywhere between two months to six months. In some cases, it could take up to a year. The reasons for such extended claims lifecycle have been attributed to the many touch points in the claims process but also the lack of trust between both sides. Through its digital platform called CroP, OPTIMIZ is providing the tools necessary for reducing the claims lifecycle from many months to a few clicks and facilitating almost instant verification of claims supporting documents. The innovative insights from OPTIMIZ founders ensure that users of CroP will be able to see immediate benefits from its use both in terms of operational efficiencies and claims administration costs. With an initial focus on cargo insurers, the annual cargo premium in 2016 was about USD55B with over 60% of that going toward claims payment and associated costs. OPTIMIZ is targeting what is considered to be low value claims which generate the most work for experienced claims handlers on both sides. Working sessions with leading shipping lines have confirmed a clear market need for CroP. OPTIMIZ now seeks for funding for a feasibility study.