Johannesburg-based online trip exchange platform EmptyTrips has collaborated with Nacora Insurance Brokers to launch SureFOX, an instant on-demand cargo insurance offering.
SureFOX allows cargo owners and transporters shipping within, to, and from South Africa to purchase marine and goods-in-transit (GIT) cargo insurance cover instantly and digitally.
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EmptyTrips announced the launch of the service last week Thursday (15 February) in a statement to Ventureburn.
The startup’s partner in the service offering, Nacora Insurance Brokers, is a subsidiary of global logistics provider Kuehne + Nagel.
“Kuehne + Nagel has arguably the greatest knowledge base of logistics in the world,” said EmptyTrips founder and CEO Benji Coetzee (pictured above, left).
“The deep insights that they have cultivated throughout their 125 years as a leading freight forwarder and supply chain management company are unparalleled. We are very excited to be working with them to ensure that SureFOX provides exceptional value to our users,” added Coetzee.
EmptyTrips is aiming to build a ‘full suite of digital on-demand logistics products’
The partnership will see Nacora Insurance Brokers manage all insurance related matters while underwriting will be carried out by Nautical Underwriting managers.
“What excites us most about SureFOX Instant Insurance, is the fact that it solves so many of the pain points experienced by carriers and shippers in South Africa,” she said.
These challenges, she said, include long tedious processes and lack of transparency which leads to over or under insurance.
She said SureFOX is different from other online insurance platforms because it is not a quote generator, rather, the system uses a matrix of risk inputs to calculate the premium and the shipper can pay immediately for the cover (as long as it falls within the insurable goods category and is not being transported to a sanctioned country).
“Traditionally, cargo insurance is often purchased manually. A shipper or transporter would speak to an insurance broker, send all the necessary documentation and complete all paperwork , receive a quote and finally make payment,” she explained.
“This process can take days. SureFOX, on the other hand, is instant. A shipper or transporter can be insured in a matter of minutes,” she added.
“The launch of this new service offering is a natural step forward for us, as we build a full suite of digital on-demand logistics products. From an online rail freight open exchange (RailFOX) to an on-demand warehousing solution (StoreFOX),” she said.
Featured image: EmpyTrips team (supplied)
