Apollo, a Skyward Group Company, announced a partnership with U.S. startup insurtech ZenHedge to launch a parametric insurance product called Freight Expense Insurance designed to protect U.S. shippers against increased freight costs caused by trucking carrier tender rejections.
Apollo said the partnership underscores its commitment to supporting innovative underwriting propositions that respond to real-world commercial challenges.
ZenHedge’s proprietary platform analyzes data from shippers’ transport management system (TMS) data to model trucking lane risks and tender rejection events enabling efficient, data-driven risk transfer. The product launches in the U.S. market.
Apollo sponsored ZenHedge as a Lloyd’s approved coverholder, bringing its underwriting expertise, innovative leadership and market access to support the development and scale of this new solution with ZenHedge’s technology-led approach, supported by Aon.
Hayley Budd, class leader of innovation at Apollo, said: “We are delighted to partner with ZenHedge and Aon to bring a truly innovative solution to one of the challenges in U.S. supply chains. Tender rejections create costly uncertainty for shippers of goods, and ZenHedge offers a practical, data-driven way to protect clients’ operations from such tender rejection events.”
“For far too long, shippers have relied on a patchwork of digital freight technologies and trucking carrier relationships to manage freight transportation risks. Our product addresses an unmitigated insurance gap in the vital supply chain ecosystem,” said Krishnan Kandasamy, founder and CEO of ZenHedge.
SOURCE: Apollo
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